Partly Cloudy

Partly Cloudy

max temp: 11°C

min temp: 6°C

ESTD 1874 Search

Essex: Record year of investment for office space group Regus

15:47 04 March 2014

Regus founder and chief executive Mark Dixon

Regus founder and chief executive Mark Dixon

Archant

Office space provider Regus today reported a 23% increase in annual revenue to £1.534billion following a record year of investment.

shares

Operating profit for 2013 was 1% ahad at £90.8million, despite the impact of investment totalling £301.1m, although increased interest charges left the pre-tax total 4% lower at £81.5m.

Operating profits at the group’s mature centres rose 33% while its newer sites also performed in line with expectations.

Regus founder and chief executive Mark Dixon, who was born in Essex where his early ventures including running sandwich, hot dog and burger buns businesses, said: “It’s been another record year of achievement for Regus, with strong progress made across all parts of the business.”

“Group revenue was up 23%, following a 30% increase in the size of our global network to 1,831 business centre locations, an unprecedented rate of growth and investment, which included the successful integration of MWB.

“Our mature business remains the engine room of the group and it delivered operating profits in excess of £205m, a 33% increase, alongside free cash flow of £157m. This strong performance from our mature business allowed us to reinvest in growth, so ensuring the incremental returns of the future.”

Mr Dixon added: “At this early point in the year it is always somewhat difficult to predict precisely how many locations we will add, but we expect at least 300 new business centre locations as well as the addition of more third place locations.

“Current trading is good, although the strengthening of sterling in recent months will affect the translation of our results. Notwithstanding this, we remain confident in our business model and our prospects for the year ahead.”

The Regus portfolio of business centres within the eastern region includes two in Mr Dixon’s home county of Essex, in Chelmsford and Brentwood, and others in Cambridge and Norwich.

shares

0 comments

East Anglian Daily Times Business Awards 2014 
Business of The Year winner Aspall 
Tom McGarry EDF , Barry Chevallier Guild of Aspall and Sarah Howard Chamber of Commerce

The number of entries for this year’s East Anglian Daily Times Business Awards has broken the previous record as firms line up across the categories.

Top chef James Martin at the launch of his new eatery at Stansted Airport.

Restaurants are investing in something different for their outlets at Stansted Airport.

GDP figures are out today.

The pace of Britain’s economic recovery will come into focus today with official figures expected to reveal that it slowed in the first three months of this year.

Premier Inns rapid growth story is set to continue after its owner, Whitbread, mapped out plans for as many as 900 hotels by the end of 2020.

Premier Inn’s rapid growth story is set to continue after its owner, Whitbread, mapped out plans for as many as 900 hotels by the end of 2020.

Doug Field - Executive Officer - Finance and Technology, East of England Co-op

An East Anglian store chain is celebrating a 3% rise in profits, but warned store closures could be on the cards this year as it continues to battle tough trading conditions.

left to right): Andrew Harrison, Managing Director Stansted Airport; Charlie Cornish, MAG Chief Executive; Beth Brewster, MAG Retail Director

Phase two of an £80million project to transform restaurants on offer at Stansted Airport was officially opened yesterday, amid hopes the improved offer will attract long-haul airlines to the transport hub.

BP has seen profits fall as oil prices slump.

BP reported a 20% drop in first-quarter profits today after it was hit by a sharp slump in oil and gas prices.

Bury St Edmunds Chamber Hustings event on 14 April at West Suffolk College: David Chappell (Liberal Democrat); Jo Churchill (Conservative); Colin Knight, Chair, Bury St Edmunds Chamber; Nigel George, Bury St Edmunds Board member; William Edwards (Labour); Dr Helen Geake (Green Party)

Suffolk’s business sector has been striving to ensure its voice is heard at a series of hustings in the run-up to the General Election.

EE is building 4G base ahead of BT deal

EE, the UK’s biggest mobile operator, said it is on track to sign up 14 million 4G customers by the end of the year.

The CWT fears a trade deal with the US would undermine any future proposals to renationalise organisations like BT or Royal Mail.

Opposition to a controversial trade deal being negotiated between the European Union and the United States has intensified amid warnings of its “massive impact” on any future campaign to renationalise the Royal Mail or BT.

Most read

Most commented

Topic pages