StockMarketWire.com - Workspace brands operator IWG reported wider losses in the first half of the year as higher costs owing to the impact of the virus offset revenue growth.

For the six months ended 30 June 2020, pre-tax losses widened to £235.4m from £176m on-year, while revenue increased 3.6% to £1.32bn.

The company said it had identified net charges of £155.8m.

Following a move to accelerate the rationalisation of underperforming centres, 4% of the company's network would be sold in the second half of 2020 with associated estimated charges of £134.5m.

Open centre revenue was up 10.2% to £1,298.2m amid strong demand for home working and virtual office products, the company said.

'Whilst 2020 will undoubtedly be a challenging year given COVID-19, we look forward to entering 2021 as a more resilient, stronger and profitable business generating increased cashflows,' the company said.




At 9:24am: [LON:IWG] Iwg PLC share price was -18.1p at 207.5p



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