Global serviced office provider Servcorp revealed that its massive investment into modernizing coworking spaces is almost complete, with 90 locations upgraded and five more to be completed this year.
The company saw its revenue reach $178.8 million, a 9% year-on-year increase. Additionally, net profit before tax increased by 47% to $21 million thanks to a strong performance in Europe, the Middle East and North Asia.
On the other hand, the U.S. has yet to fully support the Servcorp model. Founder and CEO Alf Moufarrige said it would take “drastic action” if the market did not improve in six months.
“The strong first half performance shows that our strategic focus on delivering a premium offering in the flexible workplace sector has paid off,” said Moufarrige. “Like for Like floor occupancy increased by 3 percentage points to 76 percent, with all floor occupancy of 76 percent at 31 December 2019.”