International Workplace Group Plc, or IWG Plc (IWG.L), a provider of office spaces, on Tuesday reported a profit before tax for the full year, helped by a decline in expenses and a slight improvement in revenue.
In addition, IWG has announced a $50 million share repurchase program.
For the 12-month period to December 31, 2024, the Group posted a profit before tax of $53 million, compared with a loss of $237 million in the previous year. Excluding items, loss before tax narrowed to $33 million from last year's $142 million.
Net profit stood at $19 million, or 2 cents per share, as against a loss of $271 million, or 26.7 cents per share, a year ago. Adjusted loss moved down to $67 million, or 6.5 cents per share, from the prior year's $176 million, or 17.3 cents per share.
Operating profit was $510 million, higher than $179 million in 2023. Adjusted EBITDA increased to $1.824 billion from $1.768 billion a year ago. Cost of sales, incl. lease depreciation, declined to $2.586 billion from last year's $2.957 billion.
Revenue was $3.690 billion, compared with $3.689 billion a year ago.
The Board will pay a final dividend of 0.90 cents per share on May 30 to shareholders on the register as of May 2.
Looking ahead, the Group said: "We remain cautious given continued global macroeconomic uncertainty and volatility. In the short term we expect continued growth in pre-IFRS 16 EBITDA with FY 2025 expectation of $580m to $620m, net debt/EBITDA continuing to fall and centre growth and signings above FY 2024 levels. In the medium term we continue to target $1bn pre-IFRS 16 EBITDA. We also reiterate our commitment to maintaining a BBB credit rating."
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