Regus profits up 39%

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Outsourced workplaces provider Regus saw first-half profits rise 39% and said although it is aware of the tough economic conditions, its outlook for 2008 remains unchanged.

Profit before tax rose to £74.5m from £53.6m before on revenue that increased 23% to £507.5m. The group also paid a maiden dividend of 0.6p per share.

Total capacity rose 6.3% to 165,103 workstations in the first six months of the year.

The group said its strong balance sheet and ongoing cash generation ensures that it is well positioned to exploit opportunities to drive continued growth.

“Given our current forward order book our outlook for the remainder of 2008 remains unchanged,” said the group.

“Looking towards 2009, while we are now seeing a softening in one or two of our leading indicators, we believe our business model with its broad range of customers and geographies and the flexibility in its cost base and lease portfolio is well placed to meet these challenges,” it added.

The group also proposed creation of a new UK listed, Jersey incorporated holding company with its head office in Luxembourg, which the group said will help it reduce its overall tax rate.

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