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Regus full-year profit jumps 72 percent

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(Globalpost/GlobalPost)

March 5 (Reuters) - Office space supplier Regus Plc reported a 72 percent rise in full-year profit, helped by demand for its ready-to-use offices from companies looking to cut spending on real estate.

Regus, which offers business lounges and meeting rooms to clients for rentals as short as half a day, said it expected to add at least 350 centres in 2013. Sixty-four of these belong to MWB Business Exchange Plc, which Regus plans to acquire.

The company raised its offer last month to buy its smaller rival to thwart a counter bid from Hong Kong-based investment fund Pyrrho Investments.

Pretax profit rose to 85.1 million pounds ($128.3 million) in 2012 from 49.4 million pounds a year earlier. Revenue increased 7 percent to 1.24 billion pounds.

Analysts on average had expected a pretax profit of 82.9 million pounds and revenue of 1.26 billion pounds, according to Thomson Reuters I/B/E/S.

Regus raised its final dividend to 2.2 pence from 2 pence a year earlier.

Shares in the FTSE 250 company were up 2.6 percent at 131.2 pence on the London Stock Exchange in early trading.

http://www.globalpost.com/dispatch/news/thomson-reuters/130305/regus-full-year-profit-jumps-72-percent