Regus reports 27.2 percent increase in quarterly revenues |
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Published
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Mon, 22 May 2006 14:00
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LONDON - Office rental group Regus said on Monday that that it was on track to build on its underlying business and that its performance for the year was so far in line with expectations.
The company, which operates a network of serviced-office centers worldwide said that the revenue for the three months ending March 31 £132.3 million at actual exchange rates.
This figure was a 27.2 percent increase over the one reported at the same time last year. Regus added that the number of workstations under it also increased 3.6 percent to 85,543, which was again on par with its expansion programmes.
Regus had said in April that it would acquire 58 percent of the business that it does not already own in Rex 2002 Ltd. The latter is controlled through funds managed by Alchemy partners. Regus sealed the deal for about £88 million. The group had announced swig through profits for 2005 at £38.7 million as compared to a loss of £4.9 million in 2004.
Commenting on these results, Regus UK Chairman John Matthews said, "We remain confident that the UK business offers good opportunities for future growth. Regus is on track and delivering solid growth while enhancing the underlying business." Shares in Regus had closed at 112-1/2 pence on Friday. The group is expected to announce interim results for the first half of the year in September 2006.
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Regus returns to profit, posts £38.7 million in pre-tax 