IWG 2017 final results
Attractive post-tax cash returns. Return on pre-2013 investment of 20.8%(i)
• Net growth capital investment of £272.5m, of which £110.2m on property assets with flexible workspace operations
• Group revenue of £2,352.3m, with revenue growth improving in Q4 and since period end
• Mature revenue returned to year-on-year growth in Q4, with a 0.5%(ii) improvement (Q3: 1.8%(ii) decline)
• Overheads reduced 12%; down 170bp as a percentage of revenue to 10.1%
• Operating profit of £163.2m, in line with previous guidance
• Cash generation (before net growth capital expenditure, share buybacks, and dividends) of £215.5m (23.5p per share)
• Strong financial position maintained with net debt of £296.4m (0.8x net debt : EBITDA)
• 12% increase in dividend to 5.70p (2016: 5.10p), reflecting confidence in long-term outlook
