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WeWork rival IWG quarterly revenue dips on prolonged pandemic impact By Reuters


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© Reuters. FILE PHOTO: The 30 St Mary Axe skyscraper, which is thought domestically as

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(Reuters) – Workplace rental agency IWG Plc reported a slight fall in third-quarter income on Tuesday as a resurgence in world COVID-19 instances additional hampered its purchasers’ plans to return to workplace.

The re-emergence of instances in a number of international locations and the next tightening of curbs in some locations have compounded worries for workplace house suppliers, as companies go for shorter leases and plenty of workers proceed to work remotely.

IWG mentioned occupancy at its pre-2020 operations was 71.2% within the third quarter, solely barely up from 70.1% within the year-ago interval regardless of the lifting of heavy pandemic restrictions.

The Switzerland-headquartered firm, which has centres in additional than 3,300 places throughout 110 international locations, mentioned group income was 550.8 million kilos ($752.1 million) within the three months ended Sept. 30, down 0.3% from the year-earlier interval that was hit by restrictions and uncertainty.

The UK-listed proprietor of the Areas and Regus manufacturers, nonetheless, mentioned outlook for the rest of the yr remained “encouraging”.

“The momentum in buying and selling efficiency has accelerated in the course of the third quarter, with demonstrable progress in all main territories and the outlook for the rest of the yr stays encouraging,” the corporate mentioned in a buying and selling replace.

The agency mentioned it was on observe to realize focused annualised run charge value financial savings of about 320 million kilos by year-end.

($1 = 0.7323 kilos)

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