IWG CEO, CFO take 50% pay cut; Trading update delayed

Serviced offices provider IWG chief executive Mark Dixon and chief financial officer Eric Hageman have taken a 50% cut in fees and base salaries to save cash during the Covid-19 crisis, the company said on Monday.

IWG added that its had decided to delay its first-quarter trading update from 28 April to 28 May in order to provide investors and analysts with information on April's trading and the effects of the outbreak.

The FTSE 250-listed firm, which previously cautioned investors that it expected to experience pressure on its global business as countrywide lockdowns were implemented, said ongoing developments were being closely monitored and that appropriate actions were being taken to reduce costs, limit capital expenditure and optimise cash flows.

As of 0910 BST, IWG shares were up 6.42% at 185.70p.