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IWG has revealed that new variants of Covid and continued lockdowns in some areas will likely push their profits below 2020 levels.
Last year, IWG reported a loss of £620 million after lockdowns left many people working from home.
While the company has also seen recovery in certain U.S. markets, occupancy levels were still lower than anticipated due to the extended impact of the pandemic and the increase of new variants in certain areas.
“Accordingly, this will delay the anticipated recovery in our business and, given the operational gearing of the group, is expected to have a significant impact on the group’s results for 2021,” IWG said.
Moving forward, IWG is focusing its efforts to accommodate the increase of hybrid work policies as companies begin merging in-person and remote working arrangements.
In fact, the company stated it was seeing “unprecedented demand” for their flexible work options. For instance, IWG recently signed a deal with London-based bank Standard Chartered allowing its 95,000 employees to have access to the company’s 3,300 offices worldwide.
