- IWG, the global operator of workspace companies, reported Wednesday revenue increased by 6.7% in the first quarter of the year but cash generation fell by £23.7m to £9.5m. Group revenue increased 6.7% at constant currency to £583.9m in the first quarter, from £580.7m compared to the same period last year, the firm said. At actual rates, group revenue increased 0.6%, weighed by currency headwinds, primarily from the US dollar and some currencies in Asia Pacific. The uptick in revenue was led by double-digit growth in EMEA and high single-digit growth in the Americas and Asia Pacific. While revenue in the UK, as anticipated, was broadly flat, the firm said. Mature revenue fell 3.6% at actual currency rates to £544.1m from £564.4m. Underlying cash generation was £9.5m, down £23.7m on the corresponding period in the prior year. During the first quarter, the firm added 46 new locations to its global network. 'We now anticipate a modest increase in sales and marketing investment in the year to support our strong growth pipeline, alongside our network optimisation activity,' the firm said. At 9:40am: [ ] IWG Plc share price was -8.45p at 235.55p Story provided by StockMarketWire.com
Workspace provider IWG reported a 6.7% increase in group revenue in constant currency terms for Q1 2018, attributed to double-digit growth in Europe, the Middle East and Africa, and high single-digit growth in the Americas and Asia Pacific regions. The company also announced that it has completed its acquisition of IWB’s business in India. Cash generation also fell £ 23.7m compared to Q1 2017 to £9.5m. IWG added 46 new locations over the quarter and has predicted a modest increase in sales and marketing investment this year.