Regus cuts first half losses and sees continued revenue growth (UK)

Regus Group plc cut its pre-tax loss in the first half of 2004 to £7.8m from a loss of £20.3m a year earlier on turnover of £124.9m compared with £129.4. The group, which provides global outsourced offices, said turnover was up 2.4 pct at constant currencies.

It said group occupancy was up 14 pct in the half year and pricing continues to improve on new sales.

Chairman John Matthews said the re-organisation of the business has created a platform for growth and profitability. In the past six months, Regus has built a record forward order book and has seen a substantial rise in enquiries as well as a reduction of discounting for new sales.

'Costs remain firmly under control. As a result we expect to see continued revenue growth and are on track to achieve our performance targets for 2004,' Matthews said.

With the recent acquisition of HQ which has consolidated our position as the world´s leading provider of global outsourced offices, Regus is well placed to deliver a continuing improvement in performance both in terms of cash generation and profitability, Matthews added.
Source: Freeman News

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