(Reuters) -Office rental firm IWG posted a surge in half-year profit on Tuesday, helped partly by high demand for flexible work products and improved pricing as clients hunt for prime locations amid a swifter switch to hybrid-work models.
Office landlords are slowly recovering from pandemic lows, as employers opt for permanent hybrid working model, where employees need to be in office for a stipulated number of days in a week or a month.
The UK-listed owner of the Spaces and Regus brands said adjusted core profit from continuing operations for the six months ended June 30 jumped 48% on a constant currency basis to 198 million pounds ($252.6 million).
Switzerland-headquartered IWG said its half-year system-wide revenue, which also includes revenue from franchise and joint-venture partners, grew 16% to a record 1.68 billion pounds.
($1 = 0.7840 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich)