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Flexible office space provider IWG, which owns brands like Spaces and Regus, reported a 6% increase in adjusted profits for the first half of the year, reaching $262 million. However, the company’s stock fell by 17% on Tuesday after it revised its full-year profit forecast to the lower end of its previous guidance range of $525 million to $565 million, according to The Guardian.
The sharp market reaction led to a £96 million drop in the value of CEO Mark Dixon’s personal stake in the company, though he downplayed the sell-off, attributing it to algorithmic trading and market overreaction.
“It is a strange reaction on the share price. It looks like it is machines selling … it is not rational,” Dixon told The Guardian.
Despite the dip in share value, IWG emphasized growing demand for hybrid work solutions amid continued global economic uncertainty. With businesses avoiding long-term property commitments and capital expenses, IWG says flexible workspace remains an attractive option across volatile markets.
IWG’s global footprint continues to expand, with the company now operating 220,000 rooms — up 43% year-over-year. It also increased its share buyback target for 2025 to at least $130 million, up from $100 million previously announced.
Although discussions about potentially moving its listing from London to the U.S. have resurfaced, the company stated that such a decision is not a current priority. Despite the recent sell-off, IWG shares remain up 19% so far this year.
