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IWG PLC

(IWG)
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Delayed London Stock Exchange  -  11:35 2022-06-30 am EDT
187.10 GBX   -1.55%
06/16More Britons opting for three-day office week, says IWG
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06/16More Britons opting for three-day office week, says IWG
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05/13IWG plc announces an Equity Buyback for 100,717,023 shares, representing 9.53% of its issued share capital, under the authorization approved on May 10, 2022.
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More Britons opting for three-day office week, says IWG

06/16/2022 | 07:08pm EDT
Workers walk towards the City of London financial district as they cross London Bridge during the morning rush hour in London

(Reuters) - More workers in Britain are opting for a three-day office week as they warm to a hybrid model, data from workspace provider IWG showed on Friday.

The pandemic has upended the way people work, prompting several firms to encourage employees to split time between their homes and offices, while cutting down on the cost of renting largely unused spaces.

Employees favoured coming to the office on Tuesdays, Wednesdays and Thursdays, with the midweek accounting for 23% more visits than on Mondays and Fridays, according to the latest UK footfall, data from the owner of Regus and Spaces brands showed.

The data from IWG's 300 workspaces in Britain covering hundreds of thousand of workers also showed 15% more employees visited their offices in May than in April.

"The data shows there is strong appetite to spend part of the time in an office environment, particularly local flex spaces, and that the era of long daily commutes is well and truly over," IWG CEO Mark Dixon said in a statement.

The workspace provider, which counts Microsoft, Uber, BT and Deliveroo among others as its customers in Britain, however, did not specify the impact of the higher footfall on occupancy levels or its income streams.

Tuesday has been the most popular day to be in the office so far this year in the UK, closely followed by Wednesday and Thursday.

"The trend is reinforced by the hospitality industry, whose leaders have said Wednesday and Thursday evenings have become the new Thursdays and Fridays for drinking and dining out," IWG said.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Anil D'Silva)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DELIVEROO PLC 1.44% 90.38 Delayed Quote.-56.90%
IWG PLC -1.55% 187.1 Delayed Quote.-35.70%
MICROSOFT CORPORATION -1.32% 256.83 Delayed Quote.-23.64%
WORKSPACE GROUP PLC -8.85% 556 Delayed Quote.-31.23%
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06/16More Britons opting for three-day office week, says IWG
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06/16More Britons opting for three-day office week, says IWG
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05/13IWG plc announces an Equity Buyback for 100,717,023 shares, representing 9.53% of its i..
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Financials
Sales 2022 2 745 M 3 335 M 3 335 M
Net income 2022 45,5 M 55,3 M 55,3 M
Net Debt 2022 - - -
P/E ratio 2022 43,9x
Yield 2022 1,11%
Capitalization 1 885 M 2 290 M 2 290 M
Capi. / Sales 2022 0,69x
Capi. / Sales 2023 0,60x
Nbr of Employees 10 000
Free-Float 67,9%
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Number of Analysts 10
Last Close Price 187,10 GBX
Average target price 307,88 GBX
Spread / Average Target 64,6%
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Managers and Directors
Mark Leslie James Dixon Chief Executive Officer & Executive Director
William Glyn Lawrence Hughes Chief Financial Officer & Executive Director
Douglas Sutherland Non-Executive Chairman
Thomas G. Sinclair Group CIO & Global Head-Network Development
Florence Pierre Independent Non-Executive Director
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