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 10.6%. The company said it had achieved its target of reducing costs from £2.3bn at the end of 2016 to £1.1bn this year. 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. Net finance expense The net finance charge for the six months to 30 June 2017 increased to GBP6.2m from GBP4.8m for the corresponding six-months in 2016. With 149 new additions, the group's global network stood at 2,996 locations. Spaces added 23 locations in H1, 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 10.6%. The company said it had achieved its target of reducing costs from £2.3bn at the end of 2016 to £1.1bn this year. 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 23 locations in H1, moving into five new countries, and 50 further locations are planned for 2017.