International Workplace Group PLC (FRA:IWG)

€ 1.985 0 (0%) Market Cap: 2.04 Bil Enterprise Value: 8.87 Bil PE Ratio: 0 PB Ratio: 37.32 GF Score: 70/100

Q1 2021 IWG Plc Trading Statement Call Transcript

Apr 27, 2021 / 07:30AM GMT

Release Date Price: €4.1

Transcript

Operator

Good morning, ladies and gentlemen, and welcome to this IWG plc Q1 2021 trading update. Can I just remind you that this call is being recorded. (Operator Instructions)

I'm now delighted to hand over to Mark Dixon, Chief Executive Officer. Please begin your presentation.

Mark Dixon

IWG plc - CEO & Executive Director

Thank you, operator, and welcome, everybody, to today's call on our first quarter trading update. I'm joined on the call today by Glyn Hughes, the group's Chief Financial Officer. And we're going to take questions at the end of my introduction.

As expected, Q1 was a very tough quarter as the impacts of the pandemic continued. So we have our toughest quarter comping against what was our best ever start to a year in Q1 of 2020. So this clearly is reflected in the results announced today.

In constant currency terms, open revenue was down 16%, and that compared to a near 18% increase in Q1 2020. However, as the quarter progressed, we saw some positive signs start to emerge, most notably in occupancy. So after

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