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IWG Plc FY19 Operating Profit Rises 8% At Constant Currency, Revenue Up 9.2%

IWG plc (IWG.L) reported profit before tax, in pre-IFRS 16 standards, from continuing operations of 119.5 million pounds for the year ended 31 December 2019 compared to 109.6 million pounds, previous year. Basic earnings per share from continuing operations was 15.1 pence compared to 8.8 pence. Operating profit from continuing operations rose 8% at constant currency to 137.7 million pounds after continued significant investment. Under IFRS 16, the Group recorded fiscal 2019 operating profit from continuing operations of 287.9 million pounds.

Fiscal 2019 revenue increased to 2.65 billion pounds from 2.40 billion pounds, previous year. Open centre revenue at constant currency was up 15.0% to 2.57 billion pounds.

Mark Dixon, Chief Executive of IWG plc, said: "The outbreak of COVID-19 has led to brief closures of our centres in China and we are closely reviewing the ongoing developments worldwide."

The Board declared an increase in the final dividend for 2019 of 10.3% to 4.80 pence. This will be paid on 22 May 2020, to shareholders on the register at the close of business on 24 April 2020. This represents an increase in the full-year dividend of 10.3%, to 6.95 pence for 2019. Having completed 49.5 million pounds of the current share repurchase programme, the Group has increased the programme back to 100 million pounds.

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