IWG ponders London Stock Exchange exit - reports
The FTSE 250 company’s board has initiated a review of IWG’s reporting currency as well as the potential implications of reporting under US GAAP rather than IFRS.
In its H1 2023 results yesterday (8 August), the company posted its highest ever revenue of £1.5bn — up 14% from H1 2022.
Commenting on the results, CEO Mark Dixon said higher demand for flexible work products, improved pricing and cost discipline had helped the company achieve the record revenue.
As a result, the FTSE 250 company's board has initiated a review of IWG's reporting currency as well as the potential implications of reporting under US Generally Accepted Accounting Principles (GAAP) rather than International Financial Reporting Standards (IFRS).
British American Tobacco rebuffs shareholder calls to quit London for New York — reports
This would be «irrespective of listing revenue» due to the fact its revenues are either denominated in or linked to US dollars.
According to a report by The Times, this could lead to the company potentially delisting from the LSE and seeking to IPO in New York, with Dixon noting the recent volatility in UK sterling.
However, the CEO added that moving the listing was something the board thinks of «all the time», but that it would also make sense for IWG to remain listed in London while having its reports in US dollars and complying with US accounting rules.
British American Tobacco rebuffs shareholder calls to quit London for New York — reports
IWG has been contacted for comment.
The London Stock Exchange has seen a string of departures this year, as companies flee from cheap valuations towards the deeper investor pool the US market offers.
At the start of March, British chip-maker Arm opted for a New York listing
Read more on investmentweek.co.uk
