Strong demand for hybrid working led to a 22% rise in revenues at IWG PLC (LSE:IWG), the serviced office group that operates as Regus.
The top line hit £1.45bn, giving underlying earnings (EBITDA) of £122.9mln, up from just £5.4mln a year earlier when the effects of the pandemic were still biting.
However, the company sank to an adjusted loss of £70.2mln once financing costs were added in.
Occupancy levels and margins are improving, IWG told investors, while the business becomes more cost-efficient.
Chief executive, a veteran of the office rental industry Mark Dixon, provided a short summary of prospects as he said “we look forward with cautious optimism to the remainder of 2022".
IWG reckons it is on track to build the world's largest digital workspace platform following the acquisition of The Instant Group in March in a deal worth £320mln.