Demand for hybrid work sends IWG plc revenues soaring
Strong demand for hybrid working sent revenues of IWG (International Workplace Group) plc surging in the first half of 2022.
The global workspace provider reported revenues of £1.29bn, a 23 per cent rise from 2021’s first half as demand for flexible, hybrid working rose and inflation around the world climbed.
IWG’s revenue grew more than its costs as its adjusted EBITDA soared to £122.9m, with the company seeking to build the world’s biggest digital workspace platform after its acquisition of flexible workspace provider The Instant Group.
“With hybrid working becoming the preferred operational model for a rapidly growing number of companies, we remain confident about the continuing structural growth drivers at play in our industry,” said IWG CEO Mark Dixon. “We continue to build resilience and cost efficiency into our business, and we have repeatedly demonstrated our ability to address new challenges. “
“These attributes will be important as we continue to navigate the headwinds created by increased geopolitical tensions in Europe, general inflationary pressures, and the ebb and flow of COVID-related restrictions in some markets.”