# WeWork rival IWG quarterly revenue dips on prolonged pandemic impact
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-11-02
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: IWG Plc Reports Slight Fall in Q3 Revenue Amid Global
Meta Description: Learn about IWG Plc's challenges in the face of pandemic restrictions and remote work trends. Read now for more details on their third-quarter performance.
URL: https://financedigest.com/wework-rival-iwg-quarterly-revenue-dips-on-prolonged-pandemic-impacthtml

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(Reuters) – Office rental firm IWG Plc reported a slight fall in third-quarter revenue on Tuesday as a resurgence in global COVID-19 cases further hampered its clients’ plans to return to office.

The re-emergence of cases in several countries and the subsequent tightening of curbs in some places have compounded worries for office space providers, as businesses opt for shorter leases and many employees continue to work remotely.

IWG said occupancy at its pre-2020 operations was 71.2% in the third quarter, only slightly up from 70.1% in the year-ago period despite the lifting of heavy pandemic restrictions.

The Switzerland-headquartered company, which has centres in more than 3,300 locations across 110 countries, said [group revenue](https://www.financedigest.com/iris-software-group-names-matt-tuson-as-chief-revenue-officer.html "IRIS Software Group names Matt Tuson as Chief Revenue Officer") was 550.8 million pounds ($752.1 million) in the three months ended Sept. 30, down 0.3% from the year-earlier period that was hit by restrictions and uncertainty.

The UK-listed owner of the Spaces and Regus brands, however, said [outlook for the remainder of the year](https://www.financedigest.com/2017-cfo-outlook-top-priorities-as-new-year-gets-underway.html "2017 CFO Outlook: Top Priorities as New Year Gets Underway") remained “encouraging.

The [momentum in trading performance has accelerated](https://www.financedigest.com/fintechs-should-accelerate-into-edge-computing-to-maintain-momentum.html "Fintechs should accelerate into edge computing to maintain momentum") during the third quarter, with demonstrable progress in all major territories and the outlook for the remainder of the year remains encouraging,” the company said in a trading update.

The FTSE 250 firm said it was on track to achieve [targeted annualised run rate cost](https://www.financedigest.com/dutch-telecom-kpn-locks-in-2023-targets-helped-by-cost-controls.html "Dutch telecom KPN locks in 2023 targets helped by cost controls") savings of about 320 million pounds by year-end.

($1 = 0.7323 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich)


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