The Executive Centre Announces Record Revenue in 2023 Annual Results; India delivers 31% Revenue growth over last year.

Growing trend towards flexible workspaces and resurgence of in-person collaboration contribute to increased revenues and EBITDA.

• TEC Global delivers record-breaking revenue of USD 315 million, marking an 11.2% increase YoY; TEC India contributing 18% of global revenue
• TEC Global EBITDA increased 12% YoY to USD 56 million; TEC India achieved a 35% growth in EBITDA over last year
• TEC India delivers strong performance with the opening of 8 new centres in 2023; average occupancy stands at 92%.

The Executive Centre (TEC), the leading premium workspace provider with presence in 15 markets, has announced its annual results for 2023. The company has achieved a record-breaking revenue of USD 315 million (INR 2,603 Crore) representing a 11.2% YoY growth, globally. TEC India delivered 31% growth in revenue over last year and contributed 26% to the overall adjusted EBITDA.

These exceptional results are an outcome of a series of strategic expansions and TEC’s consistency in delivering unparalleled workspace solutions to its members.

Key Business Highlights of TEC India in 2023

• The total adjusted EBITDA for 2023 was USD 19 million (INR 159 Crore) with India market contributing 26% to global adjusted EBITDA.
• Indian market recorded a 31% growth in revenue over last year backed by the opening of 8 new centres across the country.
• Average occupancy of TEC’s flexible workspaces stood at 92%, reflecting strong customer satisfaction and the growing trend towards flexible workspaces.
• TEC India aims to achieve 10-15% YoY growth in revenue in FY 2024-25

Commenting on TEC’s performance for 2023, 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. India continues to be one of the biggest and fastest-growing markets for us with 35% growth in EBITDA over last year. We are excited to continue on this trajectory, fostering innovation and expanding our presence strategically to support our members growth and success. Our aim is to enhance our India presence further by offering premium flexible workspaces equipped with state-of-the-art amenities, personalised services, at grade-A locations, to remain at the forefront of India’s dynamic workspace landscape.”

In 2023, TEC expanded its footprint exponentially with an addition of 26 new Centres across its network globally. 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.

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.