Ann: Results Presentation - Full Year Results, page-11

These results are a confirmation that the co-working model is not dead.
In fact, the demand has well responded to the capacity increase of Servcorp (after 2 years of no capacity growth).

FY 24 results show that earning growth is coming from capacity increase, price rise and expense decrease :
- capacity (number of co-working spaces) has increased by 3 % to 4 %,
- price increase had an impact of around 4 % on revenues,
- while expenses decreased by 1.4 % (despite capacity increase).

Their main cost (lease expense) decreased by 3.5 % as Servcorp is getting more incentives from its owners (who are charging a rent to Servcorp), while "there was a natural decline of lease interest expense through the life cycle of leases".
Their second main charge (service expense) remains well controlled : + 2 % (under the capacity increase of 3 to 4 %).
Service expense growth is also much lower than their revenue from services (+ 25 %).