Global coworking operator IWG recently published the company’s 2023 earnings with a record revenue of £3.3 billion — the absolute highest in the company’s 35-year history. This represents an annual group revenue growth of 8% and a significant 34% surge in annual core profit. The group’s EBITDA increase of 34% to £403m (after it stood at £311m in 2022) is also a notable achievement driven by a mix of higher revenue and cost efficiency.
The operator — which owns well-known coworking brands Regus and Spaces, among others — is seeing tremendous potential for growth in the coming years. That’s because the group opened more than 800 global locations in 2023 alone, which is a testament to the company’s continuous growth and sturdy expansion. The company currently has 8 million users in more than 4,000 locations in 120 countries across the globe, and IWG is rapidly expanding its portfolio with the most recent openings being announced for Ireland in Dublin and Limerick.
Mark Dixon, the group’s chief executive reinforced the belief in IWG’s promising trajectory by saying: “While 2023 was a record year for both revenue and network size, we continue to see significant growth potential.”
He also added that the organization is “partnering with the Irish property industry to create these locations. We are adding locations in the suburbs and rural locations where people live and want to work. Technology makes it possible, so why commute into other cities to work when you can work locally.” This concept is reinforced by the fact that, in 2023, approximately 80% of the group’s new openings were located in suburban areas and smaller towns.
As professionals increasingly seek flexibility and autonomy in their work arrangements, traditional office environments might no longer fully accommodate their needs. As such, this shift has spurred the emergence of coworking spaces as versatile hubs that provide a collaborative, yet independent atmosphere for remote workers, freelancers and small businesses alike. Thus, IWG representatives are confident that the remote work model will continue into the following years and stabilize or even increase the need for flexible workspaces.
“While 2023 was a record year for both revenue and network size, we continue to see significant growth potential”, Dixon said. “With 1.2 billion white-collar workers globally and a potential audience valued at more than $2 trillion, there is substantial room for growth and as a company, we have a laser-like focus on capturing more of this market over the coming months and years.”
IWG’s preliminary results announcement can be found here.
