IWG Reports Higher Revenues with Increased Pretax Loss in 2023

IWG experienced a larger pretax loss for 2023 compared to the previous year, despite seeing an increase in revenues and the resumption of dividend payouts.

Financial Results

• The pretax loss from continuing operations widened to 189 million pounds ($239.9 million) for the 12 months ended Dec. 31, up from a loss of GBP105 million in the previous year.
• Group revenue for the period increased to GBP2.96 billion, compared to GBP2.75 billion the year before.
• System-wide revenue, which includes both consolidated and non-consolidated locations globally, rose by 10% to GBP3.335 billion on a constant-currency basis.
• Earnings before interest, taxes, depreciation and amortization rose to GBP403 million from GBP311 million.

Outlook for 2024

IWG expressed confidence that the financial figures for 2024 will be in line with expectations, building on the momentum from 2023.

CEO Statement

Chief Executive Mark Dixon stated, "We enter 2024 continuing our momentum from 2023."

Strategic Focus

The company remains cautious in its outlook, emphasizing efficiencies and cost control. Management expects a flat net quarterly cash generation in the first quarter due to a one-off change in accounting systems.

Dividend Payout

The board declared a final dividend of 1.0 pence per share, signaling the resumption of payments for shareholders under a progressive policy.