IWG announced interim results for H1 2017 , which showed revenues of £1,169.7m , helped by a return to growth in Q2 and a significant reduction in overheads, which as a percentage of revenue were down 210 basis points to 13% . This helped to mitigate the impact on operating profit (which fell from £ £87.0m to around £110m ) from a reduction in gross profit (down £ 13.9 m to £211.3m including growth and closures). Post-tax cash returns were strong with a 23.3% return (calculation specified) on pre-2013 investment. Net debt increased as did net growth capital investment, which more than doubled to £179.7m, including around £110m on property. Now in 2,996 locations (up 2% from December 2016), with 481,773 workstations (up 7%) as we intensified the use of space -- Significant focus on the roll out of our large co-working format, Spaces, with 23 new locations and 5 new countries added in H1 2017 -- Increased visibility on net growth capital expenditure for the whole of 2017. The interim dividend increased 13% to 1.75p. With 149 new additions, the group's global network stood at 2,996 locations. Spaces added 2,996 locations in the United Kingdom , moving into five new countries, and 50 further locations are planned for 2017 .
IWG announced interim results for H1 2017 , which showed revenues of £1,169.7m , helped by a return to growth in Q2 and a significant reduction in overheads, which as a percentage of revenue were down 210 basis points to 13% . This helped to mitigate the impact on operating profit (which fell from £ £87.0m to around £110m ) from a reduction in gross profit (down £ 13.9 m to £211.3m including growth and closures). Post-tax cash returns were strong with a 23.3% return (calculation specified) on pre-2013 investment. Net debt increased as did net growth capital investment, which more than doubled to £179.7m, including around £110m on property. The interim dividend increased 13% to 1.75p. With 149 new additions, the group's global network stood at 2,996 locations. Spaces added 2,996 locations in the United Kingdom , moving into five new countries, and 50 further locations are planned for 2017 .