LONDON-Serviced office provider Regus has eased market fears that its cash reserves had fallen over the last three months.

Cash in the bank and in hand rose to £66.9 million ($104.5 million), of which half was free cash.

But global revenues have continued to slide. In the third quarter they fell 11.2% to £109.3 million ($170.8 million) from £123.1 million ($192.4 million) in the same period last year.

Pre-tax losses were £15.4 million ($24 million) compared with a £98 million ($153 million)loss in the third quarter of 2001.

Chairman John Matthews said: “By 1 January 2003, we expect to have contracted half of next year’s budgeted workstation revenues. Nonetheless, these remain difficult times for the business services sector.

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