Working spaces provided by IWG through Regus and Spaces have not been taken up as quickly as hopedMore than £375 million was wiped off the market value of IWG yesterday after the world’s biggest provider of serviced offices said that a slow recovery from the pandemic would hit its profits. Shares in the FTSE 250 company tumbled by 37½p, or 10.3 per cent, to 329p after it said that its annual underlying adjusted earnings would be “well below” the £133.8 million it generated last year. SponsoredIWG blamed its faltering revival on government lockdowns and the spread of new variants of Covid-19, which have reduced occupancy levels. The warning shocked investors. As recently as late April, IWG had struck an upbeat tone, saying that the first quarter of the year had marked “the trough” of its Covid-marred performance, that it was looking ahead

Source: The Times June 07, 2021 16:02 UTC