Preliminary results for 12 months to 31st December 2006 - 21.03.2007

MWB Business Exchange is the UK’s second largest provider of flexible office space, currently operating from 55 centres. The Company successfully listed on AIM in December 2005.
HIGHLIGHTS

• Highly successful first year as a public company following AIM listing in December 2005
• Revenue up 23% to £82.3m compared to £67.1m in the previous 12 months to 31st December 2005
• Annualised Revenue Per Occupied Workstation (REVPOW) at December 2006 increased by 13% to £9,500 from £8,430 at December 2005
• Meeting and conference room division up by 57% on year to 31st December 2005
• EBITDA rose 73% to £9.0m against £5.2m for the comparable 12 month period
• Pre-tax profits almost tripled to £7.8m against £2.7m for the same 12 month period
• Maiden dividend of 1.79p per share
• Pleasing performance of mature centres (those centres open for more than 12 months), when compared to 12 months to December 2005:
o Revenue up 18% to £79.4m
o EBITDA increased 75% to £9.1m
o Pre-tax profits advanced 196% to £8.0m
• New Business Exchange centres opened in London at Cannon Street, Cavendish Square and Tottenham Court Road during the year
• Since the year end a further centre opened at London Bridge and next month another centre opens in Baker Street. Other London centres in the pipeline
• City Executive Centres expanded through management contracts in London Wall and Liverpool
• Business continues to operate without bank debt and finance lease funding
 
• “Our flotation enabled the Company to lay foundations for a sustainable expansion programme that will ensure the next stage of our development. As a result, Business Exchange’s first year as a listed company has been exciting and we are optimistic about the future. We believe we have the right business model in place to enable us to continue growing the business and to deliver enhanced shareholder value both in the short and the medium term,” Richard Balfour-Lynn, Chairman.

MWB Business Exchange Plc provides five star Serviced Offices operating a portfolio of over 1,500,000 sq ft of prime office Space throughout the UK, Meeting Venues with over 250 meeting rooms, and Virtual Offices.