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Workspace brands operator IWG warned of its anticipated recovery in 2021 would be delayed by the pandemic impact including the ongoing government-enforced lockdown measures.
Revenue for the year ended 31 December 2020 was anticipated to be approximately £2.45 billion.
The company said it would implement further cost costs was expected to drive savings in the range of £325 million to £375 million.
'The estimated cumulative benefit of these actions accruing to the group in future years will be significant and is anticipated to be c. £2.4 billion,' the company said.
Looking ahead, the company said the challenging backdrop was likely to persist well into 2021 before there were signs of the environment was improving.