IWG PLC Investor Day (7205V)
05 Diciembre 2023 - 6:00AM
UK Regulatory
TIDMIWG TIDMTTM
RNS Number : 7205V
IWG PLC
05 December 2023
5 December 2023
IWG ANNOUNCES RESUMPTION OF DIVIDEND AT ITS INVESTOR DAY
FOLLOWING STRONG PERFORMANCE
IWG plc, the largest provider of hybrid workspace globally
including its Regus and Spaces brands with an unrivalled network of
3,455 locations across more than 120 countries, hosts an Investor
event for institutional investors and analysts today in New York
City.
The presentations from IWG's management team will outline
strategic priorities and prospects for the medium term; in addition
to how we will deliver sustainable growth, cashflow, and maximize
long-term shareholder returns.
This includes:
-- Resumption of regular dividend payments
-- A medium-term ambition of $1bn run-rate EBITDA(1)
-- Committing to additional capital returns to shareholders once
our net financial debt / EBITDA(1) falls below 1x
-- Presenting our business as three divisions - Managed and franchised, Company-owned, Worka
Mark Dixon, Chief Executive Officer and Charlie Steel, Chief
Financial Officer, will be joined by members of the IWG Senior
Leadership Team to present the business.
As part of this event, IWG will be outlining reporting going
forward by focusing on three distinct, but complementary business
models and presenting associated KPIs.
Focusing on growth through the capital-light business means that
growth capex requirements will be dramatically lower in the future,
generating more free cash flow for shareholders.
IWG is planning to restart its progressive dividend policy with
a final dividend, expected to be 1p per share to be announced
alongside 2023 FY results,
The Group is also announcing a medium-term EBITDA[1] ambition of
$1bn EBITDA(1) and that when 1x Net Debt / EBITDA(1) is reached,
IWG will share future cash flow between debt and equity holders.
Until that point, the focus will remain on reducing net financial
debt.
Mark Dixon, Founder and Chief Executive Officer, 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."
As previously announced, IWG will be moving its functional
currency to US dollars as of 1 January 2024 and the Board will
finalise its review regarding a change of accounting standards to
US GAAP in H1 2024.
IWG's outlook for full-year 2023 is reaffirmed from the Q3
trading update on 7 November 2023.
[1] Before the application of IFRS 16
Financial Calendar
5 March 2024 - 2023 FY Results (London, UK)
7 May 2024 - Q1 2024 Trading Update (Remote)
Further information
IWG plc Brunswick Tel: + 44 (0)
Mark Dixon, Chief Executive Officer 20 7404 5959
Charlie Steel, Chief Financial Nick Cosgrove
Officer Peter Hesse
Richard Manning, Head of Investor
Relations
This update contains certain forward-looking statements with
respect to the operations of IWG plc. These statements and
forecasts involve risk and uncertainty because they relate to
events and depend upon circumstances that may or may not occur in
the future. There are a number of factors that could cause actual
results or developments to differ materially from those expressed
or implied by these forward-looking statements and forecasts.
Nothing in this announcement should be construed as a profit
forecast.
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END
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