Hybrid workspace platform IWG plc (IWG.L) reported Tuesday that its first-quarter group revenues remained stable, while System-wide revenue increased from last year.
In its trading statement for the three months ended March 31, the company reported Group revenue of $912 million, compared to $911 last year.
System-wide revenue increased 1 percent to $1.035 billion from last year's $1.021 billion.
Underlying quarterly system-wide revenue growth of 2 percent year-on-year on a constant currency basis.
Managed & Franchised division's system-wide revenue grew 12 percent, and the growth was 4 percent in Worka, while system-wide revenue in Company Owned & Leased edged down.
The company noted that all three divisions continue to perform.
Mark Dixon, Chief Executive of IWG plc, said, "The first quarter of 2024 produced good year-on-year underlying revenue growth showing that the move to 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."
Looking ahead, the company said it is confident that both 2024 EBITDA and net financial debt will be in-line with management's expectations which have not changed since the full-year results on March 5.
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