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THIRD QUARTER TRADING STATEMENT - 2 November 2021 IWG plc , the leading global provider of workspace brands , today issues its trading update for the period ended 30 September 2021 . ● £ m Key Highlights Total Group system - wide revenue of £ 620.7m Open centre revenue increased by 5.2 % from Q2 to Q3 ; Q3 up 5.2 % year - on - year System - wide revenue Open centre revenue Group revenue IMG Pre - 2020 revenue Pre - 2020 occupancy Pre - IFRS 16 net ( debt ) / cash Number of locations Trading continues to strengthen during Q3 Positive cash - flow from operations Review of digital and platform strategy underway Accelerating run - rate into 2022 On track to achieve targeted annualised run rate cost savings of approximately £ 320m by year - end Accelerating new customer wins with over 1,100 new enterprise customers signed in Q3 Good momentum in franchising , with new growth commitments totalling 102 locations Preliminary strategic review validating the feasibility of separating the Group's digital , technology and property assets is underway Q3 2021 International Workplace Group 620.7 544.6 550.8 504.2 71.2 % ( 412.0 ) 3,308 Q3 % change % change YTD 2020 constant actual 2021 currency currency 0.3 % ( 3.4 ) % 1,798.2 2,094.0 5.2 % 1.7 % ( 3.7 ) % ( 0.3 ) % 0.0 % ( 3.4 ) % 1.1ppts 642.7 535.7 571.8 521.9 70.1 % 10.9 3,359 YTD % change % change 2020 constant actual currency currency ( 9.9 ) % ( 14.1 ) % 1,562.8 1,727.5 ( 5.4 ) % ( 9.5 ) % ( 14.6 ) % 1,595.6 1,868.2 ( 10.8 ) % 1,461.7 1,702.7 ( 10.3 ) % ( 14.2 ) % 69.4 % 73.6 % ( 4.2 ) ppts Market leadership The Group remains the leading global provider of workspace brands with a network of locations more than four times larger than the largest competitor . Coverage is unrivalled with 3,308 locations covering 1,133 towns and cities globally at 30 September 2021 . Improved third quarter performance The momentum in trading performance has accelerated during the third quarter , with demonstrable progress in all major territories and the outlook for the remainder of the year remains encouraging . The order book for 2022 is building and , if market conditions remain favourable , continued progress is expected . Enterprise client demand continues to grow at unprecedented levels with over 1,100 new clients signed in Q3 and more than 670 existing customers expanding their workplace commitments . The Group now has a business relationship with c . 83 % of the Fortune 500 . The structural change to workplace practices resulting from the pandemic has accelerated demand for hybrid working solutions across all our markets , driving increases in physical occupancy , yield and the consumption of ancillary services . In the three months ended 30 September 2021 , total Group system - wide revenue , which includes the total of all revenue made by both non - consolidated and consolidated locations globally , increased 0.3 % to £ 620.7m . Revenue across our open centres increased 5.2 % at constant currency , with all four regions recording positive revenue growth year - on - year . Total revenue for the Group ( including closed centres ) was £ 550.8m compared with £ 571.8m in the same period last year , a decrease of 0.3 % at constant currency . Pre - 2020 revenue in the three months ended 30 September 2021 was broadly flat on a constant currency basis and decreased to £ 504.2m from £ 521.9m on a reported basis . Occupancy in the pre 2020 estate increased to 71.2 % in Q3 , up 110bps year - on - year and sequentially Q3 was 210bps up on Q2 . On all measures , September saw the best monthly performance to date in 2021 .