HIGHLIGHTS
· Group revenues up 11.8% to £1,162.6m
· Operating profit up 112% to £50.6m
· Net cash at £188.3m
· Solid returns to shareholders with final dividend up 14% to 2.0p, making a full year dividend of 2.9p
· Strong mature performance - operating profit up 65.7% to £107.7m and significant free cash flow of £117.1m (free cash flow margin of 11.3%)
· Mature occupancy increased to 86.1% (2010: 78.0%)
· Mature financial performance strengthened in the second half
· New centres progressing well - 2010 openings made a positive EBIT contribution in H2
· Invested £86.4m in new, high quality assets and in supporting growth
· Global footprint extends to more than 1,200 locations and 94 countries. Specifically:-
o 139 new locations opened (91 in H2) and nine new countries
o More than a million members
o Consolidated workstations at year end increased by 8.2% to 204,043
o New partner deals signed with SNCF and Shell, and since year end, NS Trains (Dutch rail operator)
Mark Dixon, Chief Executive of Regus plc said:
"Regus has delivered a strong set of results with sales up more than 11% to £1,162.6m and operating profit up 112% to £50.6m. The continuing strength of our mature business is especially pleasing, with operating profit up 66% to £107.7m, and significant free cash flow generation of £117.1m, up 53%. I am also heartened with the positive EBIT contribution made by our 2010 openings in the second half of the year.
