30th Jun 2025 12:09
(Alliance News) - International Workplace Group PLC on Monday began the second tranche of a USD100 million buyback scheme.
Back in May, the Zug, Switzerland-based provider of hybrid workspace under Regus and other brands announced its plan to reduce overall capital. As of Monday, IWG said it had completed the first series of buybacks worth around GBP50 million. The remainder will be completed in the second tranche.
Jefferies International Ltd will repurchase shares on IWG's behalf, during the closed period from July 1 to August 19, when the firm will release interim results.
IWG said the trading outlook for the first six months of 2025 is unchanged and in line with expectations.
The 2025 half-year results will be the first initially reported under US GAAP standards, rather than IFRS.
Though IWG has not detailed its reasons for the switch, back in May, the company acknowledged the unknown impact of US tariffs. At this time, IWG also noted that interest in its US office spaces had reached "an all-time high".
On Monday, the company republished financial results from 2022 to 2024 which had been converted to satisfy GAAP.
IWG shares were 0.5% lower at 209.00 pence on Monday morning in London.
By Holly Munks, Alliance News reporter
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