CHERTSEY, U.K., Feb. 27, 2002 (PRIMEZONE) -- Regus plc (LSE:RGU.L) (Nasdaq:REGS), the international serviced office provider, announces its preliminary results for the year and the three months ended December 31, 2001.
Announcing the results, Chairman George Gray commented: "2001 was a challenging year for the global economy and for Regus. Focusing on pricing, occupancy and cost, we took swift, radical action to take some 60 million pounds out of the company's cost base - effectively halving our overheads.
"We remain tightly focused on the fundamentals of our business, particularly in the United States where our operations have been most affected by the global slowdown in business activity. We continue to explore ways of further reducing our cost base, including re-negotiation of fixed costs.
"We entered 2002 with the strongest forward order book in our history - as we continued the strategy of discounting prices for longer-term contracts. The Regus proposition remains compelling and a growing number of companies, large and small, are using us for the cost-effective outsourcing of their office requirements.
"2002 looks likely to be another difficult year for the global economy and for Regus. The company today is lean and fit. We have readied ourselves for challenges ahead."
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THE "SAFE HARBOR" STATEMENT UNDER THE US PRIVATE SECURITIES REFORM ACT OF 1995.
The statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties, including but not limited to risks associated with the serviced office market, the long-term nature of the company's lease commitments, its growth ambitions, foreign exchange and other risks and uncertainties, including those detailed in the Annual Report Form 20-F filed with the Securities and Exchange Commission.