30th Apr 2015 07:38
LONDON (Alliance News) - Office provider Regus PLC on Thursday said trading in the first quarter was strong and in line with its expectations with solid performances in both its newer and mature portfolios.
The FTSE 250-listed company said said it generated GBP38 million net cash flow in the first quarter, up from GBP22 million a year earlier, as revenue rose 15% on the back of good customer demand for its products and services.
The group invested net capital expenditure in new locations of GBP32.17 million in the quarter, adding a further 81 locations to its portfolio. At the end of March, it had 2,342 locations, with its total number of workstations rising to 368,243.
The performance in its mature portfolio remains strong, with revenue up 6.2% in the quarter, with year-on-year mature occupancy up 3.6 points on a like-for-like basis to 81.6%.
Regus said its newer locations are progressing towards maturity well and in line with its expectations.
The group said it has made a good start to the year and remains confident on meeting its full-year targets.
Shares in Regus were up 1.7% to 242.50 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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