Full Year 2018 IWG Plc Earnings Call Transcript
Well, good morning, everyone, and welcome to our 2018 annual results. Overall, 2018 was a good year on many counts. Firstly, the results are absolutely in line with where we told you that they would be. Open center revenue growth reached 13.3%, which we're very pleased with. Strong sequential improvements in revenues continued really throughout the second half of the year, and this is both overall and in mature. We've got very good underlying performance improvements. Pre-growth EBITDA, so that's without the costs in the year of growth, reached GBP 447 million, a number we're happy with. That's about 20% improvement, about GBP 17 million improvement. And we grew the network substantially during the year. It's a growing industry, lots of opportunity. We found lots of excellent investments. I think the 2018 vintage will be an excellent one overall. It was just the right mix.
Almost all of it came through organic growth, which has a much greater short-term effect on EBITDA. But conversely, it will show much higher returns on capital.
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