CHERTSEY, U.K., Aug. 7, 2002 (PRIMEZONE) -- Regus plc (LSE:RGU) (Nasdaq:REGS), the global serviced office provider announces its interim results and results for the three months ended June 30, 2002.
Announcing the results, Chairman John Matthews commented: "The trading environment remains tough but Regus has made some progress. We have stabilised our revenues and made modest reductions in EBIT losses over the past two quarters. We enter the second half of the year with our largest ever forward order book and a record number of occupied workstations.
"Regus still faces significant challenges. However, as today's 8 pounds million deal with AGIP KCO demonstrates, our offering remains a compelling proposition for customers and, having resized our cost base, we believe we are well placed to benefit from an upturn in market conditions."
Key financials:
3 months ended 6 months ended
30 June 30 June 30 June 30 June
2002 2001 2002 2001
m Pounds m Pounds m Pounds m Pounds
Turnover 109.3 132.9 17.8% 220.0 270.9 18.8%
Centre
Contribution 7.3 18.9 61.3% 13.0 57.2 77.3%
Operating (9.2) (4.3) 4.9m (19.2) 3.3 22.5m
(loss)/profit*
EPS (basic & (1.9) (2.2) 0.3p (4.5) (1.4) 3.1p
diluted)(p)*
EPADS (basic & (13.9) (15.5) 1.6c (33.0) (10.0) 23.0c
diluted)(c)*
Average
Pounds:$ 1.48 1.42 1.45 1.43
* before exceptional items in 2001 based on U.K. GAAP
Operational
-- Regus operates 424 centres in more than 240 cities in 51
countries. We are the world's largest operator of business
centres and are committed to continuing our expansion through a
programme of international franchising.
-- Regus now has the highest number of occupied workstations in its
history with more than 55,600 business people using our centres
on a daily basis. This represents a year-on-year increase of 18
per cent.
-- Regus has brought 1,121 workstations back into service ahead of
schedule (of which 38% were in the U.S.) in response to customer
Financial
-- Turnover at 109.3 million pounds for the quarter was down 18% on
the second quarter of 2001 but down just 1% on the first quarter
of 2002.
-- There was a record contracted forward order book of 285.4 pounds
million at June 30, 2002 (based on workstation revenue but
excluding service revenue).
-- Revenue per available workstation (REVPAW) from established
centres was 1,367 pounds (2001: 2,076) pounds, down 5% on the
first quarter.
-- At 118 million pounds, costs, fixed and variable, were unchanged
on the previous quarter and in line with expectations.
-- Cash at bank totaled 65.4 million pounds at June 30, 2002 of which
28.8 million pounds was free cash.
-- Capital expenditure in the second quarter was 4.4 million pounds,
in line with expectations.
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