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IWG H1 Pre-tax Profit Rises; Hikes Dividend, Announces Share Buyback

Office solutions firm IWG Plc (IWG.L) reported Tuesday that its profit before tax for the first half of 2019 on an IAS 17 basis rose to 55.2 million pounds from 54.3 million pounds in the year-ago period.

Profit after tax including discontinued operations surged to 294.9 million pounds or 32.9 pence per share, from 43.4 million pounds or 4.8 pence per share in the prior-year period. The latest period's results include a profit on the Japanese strategic partnership.

Revenue for the first half grew 12.3 percent to 1.30 billion pounds from 1.16 billion pounds in the same period last year. On a constant currency basis, revenue increased 10.3 percent.

IWG announced a 10.3 percent increase for the 2019 interim dividend to 2.15 pence from 1.95 pence in the year-ago period. The company also announced a share repurchase program of 100 million pounds.

Looking ahead, the company said it looks forward to delivering a good result for the year.

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