The Executive Centre Announces Record Revenue in FY2023 Annual Results
2024年4月18日 - 11:00AM
JCN Newswire
The Executive Centre (TEC), the leading premium workspace
provider that serves more than 47,000 Members in 34 cities across
Asia-Pacific and the Middle East, announced its annual results
today for fiscal year 2023. Achieving a record-breaking revenue of
USD 315 million representing a 11.2% YoY growth, these exceptional
results come on the back of a series of strategic expansions and
TEC's consistency in delivering unparalleled workspace solutions
and service to its customers.
TEC's focus on the high growth regions of Greater China, South Asia
and the Middle East has been a cornerstone of the company's
success. In 2023, Greater China accounted for 47% of TEC's total
revenue while South Asia and the Middle East collectively
contributed 22%, reflecting robust demand for premium flexible
workspaces in these markets. In terms of adjusted EBITDA, TEC
witnessed a healthy YoY increase of 12%, reaching USD 56 million.
Greater China, with South Asia and the Middle East collectively,
were also the most significant contributors at 37% and 34%
respectively. In terms of contribution by city, Singapore emerged
at the top, contributing 14% to overall adjusted EBITDA.
In 2023, TEC expanded its footprint exponentially with an addition
of 26 new Centres across its network. Driven by strong client
demand, South Asia and the Middle East saw the most significant
growth with 12 new Centre openings, effectively doubling TEC's
footprint in the region since the pre-pandemic period. There were
also new Centres opening in Mainland China, North Asia, Southeast
Asia and Australia, spearheaded by high demand and TEC's commitment
to understanding and servicing the unique needs of local
businesses.
TEC maintained an impressive global average occupancy rate of 88%
across its network in 2023, reflecting strong customer satisfaction
and the growing trend towards flexible workspaces globally.
Central to TEC's success is also its agility in adapting to the
evolving needs of the modern economy and workforce. A notable
highlight of the year was the growth of the Coworking & Virtual
Office segment, which saw a YoY revenue increase of 15% globally.
This was a result of significant growth from key markets of
Southeast Asia and the Middle East with YoY increases of 35% and
37% respectively. With a comprehensive inhouse suite of
professional business and operations support, the Coworking &
Virtual Office offering empowers business owners and entrepreneurs
to enter new markets and scale rapidly without the need to commit
long-term investments in inflexible office infrastructure.
Diving into data on revenue by service, TEC's insights revealed an
uptrend in the use of physical meeting and event spaces. The
segment saw a global growth rate of 39% YoY, with high levels of
usage in Hong Kong, and cities such as Singapore and Tokyo. In
terms of markets, notable growth rates were recorded in Greater
China, Southeast Asia, and the Middle East, achieving YoY increases
of 55%, 57% and 65% respectively, pointing to a resurgence of
in-person collaboration and the importance of continued
availability of flexible event spaces and solutions for businesses
to fulfil networking and operational needs.
TEC Founder and CEO, Paul Salnikow, said: "Our unwavering
commitment to service excellence and our ability to anticipate
market trends have allowed us to not only meet but exceed our goals
amidst a rapidly changing global business environment. We are
excited to continue on this trajectory, fostering innovation and
expanding our presence strategically to support our clients' growth
and success."
With its strong financial results and a proven business model, The
Executive Centre is poised to maintain its leadership in the
premium workspace sector as it celebrates 30 years of excellence
this year. TEC remains committed to its mission of providing
exceptional service and facilities to its global members as it
looks to the future with a clear vision for continued expansion and
success.
About The Executive Centre
The Executive Centre (TEC) is Asia's premium flexible workspace
provider, opened its doors in Hong Kong in 1994 and today boasts
over 200+ Centres in 34 cities and 15 markets. It is the third
largest serviced office business in Asia.
The Executive Centre caters to ambitious professionals and industry
leaders looking for more than just an office space - they are
looking for a place for their organisation to thrive. TEC has
cultivated an environment designed for success with a global
network spanning Greater China, Southeast Asia, North Asia, South
Asia, the Middle East, and Australia, with sights to go further and
grow faster. Each Executive Centre offers a prestigious address
with the advanced infrastructure to pre-empt, meet, and exceed the
needs of its Members. Walking with Members through every milestone
and achievement, The Executive Centre empowers ambitious
professionals and organisations to succeed.
Privately owned and headquartered in Hong Kong, TEC provides first
class Private and Shared Workspaces, Business Concierge Services,
and Meeting & Events facilities to suit any business'
needs.
www.executivecentre.com
Press Enquiries
FGS Global
Crystal Chow / Kitty Lam
Crystal.Chow@fgsglobal.com / +852 3166 9838
Kitty.Lam@fgsglobal.com / +852 6306 8851
The Executive Centre
Pebble Lee
Pebble_lee@executivecentre.com / +852 3951 9888
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