Source - Alliance News

IWG PLC on Tuesday announced a resumption of dividends as the workspace provider hailed a period of ‘strong performance’.

Ahead of an investor day in New York, it said it now expects to declare a final dividend of 1 pence per share in 2023 results.

IWG’s last payout was an interim dividend for 2019 of 2.15 pence per share, so it has not declared one since the onset of the pandemic.

Additionally, IWG set out a medium-term target of earnings before interest, tax, depreciation and amortisation target of $1 billion, before the application of IFRS 16. For 2022, it reported an Ebitda of £317 million, before IFRS 16.

IWG also reiterated that its full-year Ebitda and financial debt will remain in line with expectations.

IWG reaffirmed that it plans to change its reporting currency to dollars from January 1.

Back in August, Reuters reported IWG was considering moving its listing from London to New York.

Chief Executive Officer Mark Dixon said: ‘I am delighted to be announcing the intention to resume the dividend, which is a signal of how well the business is doing. We are delivering on our strategy of capital-light growth, backed up by having a strong balance sheet. We expect to continue to deliver both cashflow and growth, and I look forward to discussing the business’s operations and financial targets further at our investor event today in New York City.’

Shares in IWG rose 2.1% to 153.00 pence each in London on Tuesday afternoon.

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