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IWG revenue hit as Covid concerns drive hesitancy over office return
Workspace provider IWG has taken a hit to revenue as rising Covid infections deterred some clients from ditching remote working.
In its third quarter trading statement, IWG reported group revenue at £550.8m ($752.1m) in the three months ended September 30, down 0.3 per cent from the same period last year.
Occupancy at its pre-2020 operations was 71.2 per cent for the quarter, just up a fraction from 70.1 per cent from last year, despite the widespread vaccination rollout.
Fears around another wave of the virus in recent months has seen some office workers hesitant to leave their home offices.
However, the workspace provider had reasons to be positive – September saw the best monthly performance to date in 2021, across all measures.