Sunny

Sunny

max temp: 18°C

min temp: 12°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

Greene King chief executive Rooney Anand, left, shaking hands with Mike Tye, chief executive of the Spirit Pub Company, outside Spirit's headquarters in Burton uponTrent following the sale deal.

Jobs are at risk at Greene King following a major acquisition earlier this year.

EDF workers are unhappy over pay.

Hundreds of workers at energy giant EDF are to stage a 24-hour strike in a row over pay.

Amos Smith who is launching a new yoghurt called Mossy's from a secret family recipe.

A popular yogurt made to a secret family recipe has been revived by a young food entrepreneur.

Land next to Burger King is for sale

Tesco, Mothercare and Toys R Us could soon have a new neighbour at Copdock Mill

A city worker looks at a stock ticker screen at the London Stock Exchange in the City of London.

Volatile stock market conditions took their toll again today as the FTSE 100 Index plunged after sharp gains in the previous session.

The Director General of the British Chambers of Commerce, John Longworth, has met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region.

The Director General of the British Chambers of Commerce, John Longworth, met with the Suffolk Chamber of Commerce in Ipswich to hear of their work delivering support to firms across the region last week.

Sainsbury's supermarket was only one of Britain's big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda.

Sainsbury’s was the only one of Britain’s big four supermarkets to grow sales in the last three months - but still saw its number two spot in the sector retaken by Asda, according to latest industry data.

Family law expert Georgina Hall, now a partner at Prettys

East Anglia law firm Prettys, which has offices in Ipswich and Chelmsford, has announced the promotion of family law expert Georgina Hall to partner, bringing the total number of partners in the firm to 10.

Poundlands £55 million acquisition of rival 99p Stores has provisionally been given the green light.

Poundland’s £55 million acquisition of rival 99p Stores has provisionally been given the green light.

RSA Insurance Group chief executive Stephen Hester, as the More Than owner said it was willing to back a £5.6 billion takeover bid from Swiss rival Zurich after its suitor put forward a proposed offer.

More Than owner RSA Insurance said it was willing to back a £5.6 billion takeover bid from Swiss rival Zurich after its suitor put forward a proposed offer.

Most read

Most commented

Topic pages