Losses deepen for WYG as markets remain challenging

The Leeds-based group, formerly called White Young Green, said revenues fell 20 per cent to 115.2m for the six months to the end of December.

After exceptional items it reported a pre-tax loss of 4.5m, up from the 2.1m loss a year earlier.

The group completed a debt-for-equity swap with its lenders earlier this year, which secured its financial future but gave its banks a majority stake in the business.

It said while its deomstic business units performed slightly below expectations, its international business exceeded expectations.

WYG added while its order book continues to grow, it expects a worse second half due to the timing of work.

Chairman Mike McTighe said: "We have continued to make good progress in our recovery programme during the period. Notably we agreed the terms of our refinancing. Trading conditions were and remain generally challenging but we now have the financial platform on which to develop for the future.

"Overall our trading during the period has been, and remains, in line with the board's expectations."