IWG announces milestone financial performance in 2023 amidst shifting work trends

The IWG brands - Regus, Spaces and HQ – continue to attract diverse business customers worldwide and expand their presence in Hungary, with seven workspaces across Szeged, Pécs, Debrecen, Budaörs, Biatorbágy and Szentendre, as well as 12 locations in Budapest.

IWG, the world's largest provider of hybrid workspace solutions, with 895,000 rooms in in 120 countries with brands including Regus and Spaces, achieved its highest revenue in its 35-year history. The company saw a remarkable 34% increase in EBITDA, reaching £403 million, led by a combination of higher revenues and a focus on cost efficiency.

In the managed and franchised business segment, IWG witnessed a 129% increase in contract signings, with a record 117k rooms signed during the year. Last year, IWG added 867 new locations to its network - almost double the previous year - with 95% of these being delivered through managed partnership agreements.
IWG partners with landlords and developers to transform conventional spaces into dynamic and thriving work environments while generating significant and sustainable revenue streams for its partners.

The company also continues to grow its presence in Hungary, reaching a total of 25 locations by the end of 2024, including 18 overall in the capital.

Mark Dixon, Chief Executive Officer of IWG, commented on the results: "We enter 2024 continuing our momentum from 2023 as we continue to grow our customer base, our global partnerships, and our best-in-class network. While 2023 was a record year for both revenue and network size, we continue to see significant growth potential. With 1.2 billion white-collar workers globally and a potential audience valued at more than $2 trillion, there is substantial room for growth, and as a company, we have a laser-like focus on capturing more of this market over the coming months and years."