StockMarketWire.com - Workspace operator space IWG warned on performance following a weaker-than-expected improvement in occupancy.

Underlying earnings before interest, taxes, depreciation and amortisation, or EBITDA, for 2021 was now expected to be 'well below' the level in 2020, the company said.

The overall improvement in occupancy had been lower than previously anticipated as a result of the prolonged impact of COVID-19, including continuing lockdown restrictions and the emergence of new variants of the virus in some markets.

This would '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,' it added.

Looking ahead, the company expectations for a strong recovery in 2022 were broadly unchanged amid positive momentum in markets where COVID-19 related restrictions are easing such as the US.


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