- IWG detailed plans to buy back up to £100m of shares after reporting a 4% decline in profits on higher revenue amid efforts to boost sales and investment in new products and services in the first half of the year.

For the six months to 30 June, pre-tax profits fell 4% to £41.4m as revenue increased 12% to £1.3bn.

Open centre revenue, a good barometer of long term business performance, increased 15.1% at constant currency to £1,275.0m.

The company proposed a 10.3% increase in the interim dividend to 2.15p and announced plans to launch a £100m share repurchase programme.

'This has been a strong period for trading. We look forward to delivering a good result for the year,' said Mark Dixon, Chief Executive of IWG.

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