LONDON (dpa-AFX) - IWG plc (IWG.L) said the second quarter witnessed positive occupancy and revenue momentum in most of its key markets, especially the US. The Group anticipates this momentum continuing into the second half of 2021, and remains confident of a stronger recovery in 2022. However, the Group noted that the speed of recovery in occupancy across the whole Group has been lower than originally anticipated which will have a significant impact on the Group's performance for 2021. IWG plc said its future dividend payments will remain on hold.
First-half loss before tax from continuing operations was 162.7 million pounds compared to a loss of 237.3 million pounds. Loss per share from continuing operations was 16.9 pence compared to a loss of 26.6 pence. Adjusted operating loss as reported was 30.2 million pounds compared to profit of 43.3 million pounds. Adjusted basic loss per share from continuing operations was 12.0 pence compared to a loss of 11.0 pence.
Under pre-IFRS 16 reporting, operating loss before adjusting items widened to 147.4 million pounds from a loss of 13.7 million pounds. On a pre-IFRS 16 basis, adjusted basic loss per share from continuing operations was 15.0 pence compared to a loss of 5.2 pence.
For the six months ended 30 June 2021, total Group revenue declined by 15.3% at constant currency to 1.07 billion pounds. Open centre revenue declined 10.4% at constant currency to 1.05 billion pounds. Occupancy was at 68.4% compared to 75.3%.
Copyright RTT News/dpa-AFX
© 2021 AFX News
