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IWG returns to full-year profit, announces share buyback
(Sharecast News) - IWG moved back into the black in 2024 and unveiled a new share buyback programme. The hybrid workspace platform announced a 2% in total system revenues for 2024 to reach a record $4.23bn.
Earnings before interest, taxes, depreciation and amortisation on a pre-IFRS 16 basis also hit a record, jumping by 11% to $557m.
Earnings per share improved to 2 US cents after a loss of 26.7 cents in 2023.
Management announced a $50m share buyback and a dividend increase in line with its progressive policy.
They also reiterated their commitment to reducing leverage and the progressive pay-out policy.
Net debt was pared by 8.1% to $712m and IWG also said that it remained committed to a BBB credit rating.
A final dividend pay-out of US 90 cents was declared in respect of 2024.
As of 1036 BST, shares of IWG were falling by 3.01% to 193.30p.
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