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Interim Results

Regus lifts H1 pretax profit by 7%

09 August 2016 07:36

Regus has lifted its H1 pretax profit 7% to £84.3m, from £79.1m, and hiked its interim dividend 11% to 1.55p a share, from 1.40p.

CEO Mark Dixon said the company had traded in line with its expectations for the first half, delivering strong profit growth and cash generation.

"The returns profile of our business remains highly attractive, with investments performing at or above plan," he said.

"We continue to invest where we see attractive opportunities that adhere to our strict financial criteria and currently have visibility on net growth capital expenditure totalling £120m for the whole of 2016, representing approximately 350 locations.

"As global macro-economic uncertainty has clearly increased during 2016 and we have seen softening in revenue growth in some markets on the back of that, we have planned prudently for 2016 and taken specific action early in the year to improve efficiencies across the business.

"We are confident in the long-term structural drivers of the industry and that Regus, as global market leader with a highly diversified business, will continue to strengthen its position through its resilient and cost efficient operating model, strong cash generation and balance sheet.

We are focussed on delivering key projects and implementing our long-term strategy to create shareholder value, whilst maintaining our disciplined and flexible approach to investment. We remain confident of delivering a full year profit performance in line with management's expectations."

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