Regus to open 200 new offices this year

Office space provider Regus reported operating profits that more than doubled in 2011 as companies chose flexible office space over shelling out rent for offices.

The firm said profits came in at £50.6m, up from £23.9m in 2010, with sales up 12% to £1.16bn, in line with analysts expectations.

It will pay a full year dividend of 2.9p, up 12% on the year before and also in line with forecasts.

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Regus said the results had been buoyed up by an 8% rise in occupancy levels to 86% in centres not opened in the current or past financial year, what it calls its 'core mature business'.

The company said it was seeing a "structural move toward flexible work" and remained committed to building a network of 2,000 locations by 2014, of which it anticipates 200 will open in 2012.

It currently has more than 1,200 offices in 94 countries.

"Whilst in the near term we foresee the general business environment remaining challenging at a macro level, we remain optimistic about the long term growth prospects and strategy of the business," said Chief Executive Mark Dixon.

"As such, we are ready and capable to invest further to accelerate growth but if macro-economic conditions deteriorate scale back accordingly."