International revenue boosts WYG

DESIGN and engineering consultancy WYG said today it had recorded record overseas revenues despite making a pre-tax loss.

The Leeds-based group, formerly known as White Young Green, said its global business had developed but UK and Irish markets remained "very challenging".

Total revenue for the year to June 30 fell to 220.6m from 261.6m.

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Its pre-tax losses narrowed significantly to 21.9m from 128.9m.

WYG, which marked 50 years of consultancy in June and has faced painful restructuring over the last 12 months.

International revenue grew by 12.6m to 65.4m but chairman Mike McTighe warned of more efficiencies.

"I expect ongoing focus on cost and structural efficiency over the next 12 months.

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"The much awaited outcome of both the comprehensive spending review and the strategic defence spending review continues to induce paralysis across both the public and private sector markets.

"The likelihood therefore is that, despite our international success, the short-term future will remain very challenging for the Group."

The firm made an adjusted operating profit of 7.2m, down from 17m.

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