Serviced office company looking to restructure - business space leasing

Monday, March 22, 2010

Regus boss optimistic despite drop in revenue from UK business space leasing

By Ashley Brunskill

Business space leasing company Regus has reported what it calls "resilient and flexible" results for 2009 but has warned the future remained "unclear" for the industry.

Pre-tax profits were down 42 per cent in 2009 to £86.9 million. In addition, revenue per available workstation in Regus's UK offices fell by seven per cent to £6,535.

However, the full-year dividend per share had risen by a third to 2.4p per share and its performance was far stronger in the Europe, the Americas, far-east Asia and the Middle East and Africa.

The company's chief executive Mark Dixon said that operations in the UK were currently being restructured and that it is seeking to renegotiate a number of lease renewals, but remained optimistic about future performance.

He added: "We are experiencing an increased level of growth opportunities as the trend toward flexible working accelerates. This, combined with our strong cash position, will allow us to step up our new centre opening programme in 2010."

Its operations stretch across 450 cities worldwide, with 1,000 centres available for business space leasing to clients.

Source: ask-re The Property People LLP