Tough six months for WYG but chief says group on the way to a stable platform

GLOBAL PROJECT manager WYG said it has seen tough trading over the half year, but it has made substantial progress towards creating a more stable and efficient business.

The Leeds-based firm reported a pre-tax loss of £800,000 in the six months to September 30, down from a £2.8m loss in the previous half year.

The group’s chief executive, Douglas McCormick, said: “It has been a tough six months, but we have delivered results in line with market expectations and we have made substantial progress towards creating a more stable and efficient business platform.

“There remains plenty of scope to build on this platform and to develop our business as the UK Government continues to invest in infrastructure, housing, and the defence estate, the prime drivers of our UK business; and, through the UK’s ring-fenced overseas development budget and the commitment of international financial institutions to expand our international business.”

Mr McCormick said he has met a significant number of clients over the past six months, completed a second tour of all the group’s major offices and listened to the views of WYG’s “highly skilled staff ”.

“Their feedback gives me confidence that WYG is a sound business and that we are taking appropriate steps to return it to growth,” he said.

“In the near term, we expect a stronger second half, in line with market expectations and consistent with our long-term seasonal trading pattern.”

Revenue dipped slightly from £76.2m to £75.3m over the sixmonth period.

The group said its International Development division was hit by a hiatus in new projects in Turkey caused by a transition to new funding instruments.