News / UK and world by Press Association August 14, 2019, 4:01 pm Send us a story Sign up to our Daily newsletter WeWork has revealed heavy losses as part of filings for its parent company’s multibillion-dollar public offering in the US. The co-working office space group, which also has accommodation and education arms, has showed in its long-awaited investment prospectus that it made a pre-tax loss of 900 million US dollars (£745.5 million) in the first six months of the year. This was on revenue of £1.54 billion dollars (£1.28 billion), the majority of which was earned from its US and UK locations. In Britain, where most WeWork locations are concentrated in London, revenue during the first half rose 70% to 210.8 million dollars (£174.6 million). No price for the initial public offering (IPO) has yet been announced but its most recent funding round valued the company at 47 billion dollars (£38.9 billion) and it is expected to target raising 3 billion dollars (£2.5 billion) through the float. Neil Wilson of Markets.com said: “It burns through boats loads of cash, no one knows if it will ever make money and it’s going to be snapped up by millennials with their Robin Hood accounts – WeWork is perfect IPO material in 2019. “The last funding round valued the company around 47bn dollars, but this looks lofty. 2019 has been hit-and-miss for unicorn IPOs – WeWork may find it tough going. There is a major whiff of the ‘they’re not losses but… [Read full story]
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