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Trading statements

Regus performing in line

03 May 2016 07:29

Regus Plc said it has enjoyed good trading in the three months to March 31, generating a financial performance in line with management expectations.

"This has been an important three months in the development of our business," the company said in a statement.

"We have implemented the significant changes to our field and management structures we previously announced. We are also continuing to transition toward our goal of less capital intensive growth through increased use of partnerships.

"Our strong discipline to drive further cost efficiency continued through this quarter and has delivered good margin performance, strong profit growth and cash generation. Prevailing exchange rates have provided a modest tailwind on the translation of our results during the first quarter.

"In the three months to 31 March 2016, Group revenue increased to £532.5m compared with £452.3m in the corresponding period last year, an increase of 14.5% at constant currency rates (up 17.7% at actual rates). This performance has been driven strongly by the development of the 554 locations added during 2015.

"Underlying cash generation[1] has been strong and more than doubled year-on-year to £56.4m in the quarter (Q1 2015: £25.2m), reflecting the good trading performance and improved working capital management.

"After investing a total of £39.5m (net)2 in growth in the quarter, net debt at 31 March 2016 reduced to £183.0m from £190.6m at the 2015 year end.

"This is a strong performance in what is normally our weakest quarter for cash generation and demonstrates that we have maintained a prudent balance sheet."

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Related Company: RGU

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