- Office operator IWG swung to an annual loss as the nationwide lockdowns owing to the pandemic led to increasingly deteriorating conditions from the second quarter through year-end.

For 2020, pre-tax losses were £650.2 million compared with a profit of £55.0 million year-on-year as revenue fell 6.4% to £2.48 billion.

The company said an improvement in sales had been offset by 'customer churn and the significant impact the pandemic has had on service revenue.'

Occupancy fell to 72.9% from 73.9%.

Looking ahead, the company said that while 2020 was 'undeniably an extremely difficult time for everybody and these conditions were likely to persist well into 2021.'

At 8:01am: [LON:IWG] Iwg PLC share price was 0p at 336.6p

Story provided by