Regus (RGU.L), the world's largest provider of executive suites and flexible workspaces, announces today its 2010 annual result.
EBIT was down by 67% from 2009. Their cash position is still strong at £191.5m (USD $117.7m) down from 2009 levels of £237.0m. A dividend increase of 8% was also announced. Despite the lowered earnings, they were within the range of analysts expectations. Regus's stock price was up 15.6% on this news as of 11:17AM EDT.
Mark Dixon, Chairman of Regus stated "In the year to 31 December 2010, we added 20,122 workstations an increase of 13% on 2009 for a total investment of £69.7 million. Approximately half of this growth came from acquisitions in markets such as Brazil, China, UK and USA. We will continue to explore such opportunities as we look to strengthen our market position and deliver on our strategy."
"In terms of outlook we remain cautious on the economy, however we have been encouraged by recent positive trends that reflect the continued strategic delivery of our initiatives. In 2011 we are well positioned for a year of solid revenue growth and business improvement with continuing strong underlying cash flow generation."Executive Suites , Flexible Workspace , Office Rental , Office Space , Serviced Office Space