IWG has reported that its revenue rose 10.4% to £2.65 billion by the end of 2019. The workspace operator said its open center revenue at constant currency was 15% ahead.
The company’s operating profit was ahead 8% year-on-year at £137.7 million after significant investments. The company also reported its profits before tax were at £489.5 million, a 253% growth.
IWG’s franchising operations have ramped up, with over 400 locations using long-term master franchising agreements across Japan, Taiwan, and Switzerland.
Moving forward, the company said it has over 40 transactions in the pipeline for master and regional franchise agreements.
“2019 has been a transformational year for IWG,” said Mark Dixon, IWG’s CEO. “We made significant progress in our pivot towards becoming a franchised organisation and delivered strong revenue growth and record profits. We continue to see strong demand globally and to welcome more great partners to the business.”
IWG added that it is making continued investments into its company-owned network and global platform infrastructure and is currently in 3,388 locations across 62.5 million square feet.
“Even in this period of global, political and economic uncertainty, we are confident that the group will continue to deliver strong returns for all our stakeholders, and this is reflected in the increased proposed dividend and new £100 million share repurchase program,” said Dixon.