Last year, IWG reached its highest-ever revenue in its 35-year history and achieving rapid network growth, adding 867 new locations over the course of 2023. The company continues to focus on adding value and efficiency, whilst controlling costs and maintaining a steady growth rate in 2024.

IWG also continues to grow its presence in Hungary, reaching a total of 25 locations by the end of 2024, including 18 overall in the capital.  

Key highlights from the first quarter’s results:

•    Underlying quarterly system-wide revenue growth of 2% year-on-year on a constant currency basis

•    All three divisions continue to perform:
-    Managed & Franchised: growth in new centres with both signings and openings accelerating
-    Company Owned & Leased: strong margin expansion

•    Net debt flat, due to the one-off impact of a system change as guided at the full-year results on 5 March 2024, with net debt reduction expected to continue during 2024

•    No change to financial outlook from the statement at Full Year 2023 results on 5 March 2024

Mark Dixon, Chief Executive Officer of IWG, commented on the results: “The first quarter of 2024 produced good year-on-year underlying revenue growth, showing that the prevalence of hybrid working continues. We are delivering on our plan to grow in a capital-light way, and the momentum in signings, and importantly openings, continues to accelerate. We remain committed to our strategy of growing our network coverage and giving our customers a great day at work.”

 

IWG