WYG aims to build on '˜robust platform'

'‹G'‹lobal project management consultancy WYG'‹ said it is confident business will pick up after reporting a loss in the last financial year.

Douglas McCormick, CEO of WYG
Douglas McCormick, CEO of WYG

The Leeds-based group revealed that in the year ended March 31 2018 revenue rose by 1.7% to £154.4m although the company reported a loss before tax £5.3m.

The company said it had a strengthening order book which “provides a sound basis for current year expectations and medium-term confidence”.

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Douglas McCormick, the chief executive Officer of WYG plc, commented: “These results reflect an improved second half despite the continued delays experienced by our Turkish business. Having posted a disappointing set of results at the half year, the team has taken action to start to offset the issues we highlighted in August and November 2017, and there have since been several positive developments ensuring that we met the market’s revised expectations of our profit and cash performance.

“We have made good progress implementing our strategy; extended our bank facility with HSBC; and completed a significant step to stabilise WYG’s position in light of the potential impact of Brexit.

“Many of the major projects in both of our principal business streams that were delayed in 2017 are now being delivered and our strong order book underpins a significant proportion of FY19’s projected earnings. We have a clear strategy in place, a reshaped leadership team and a strong wider group with deep expertise in our chosen markets. There is plenty of opportunity to build on this robust platform and I believe we are taking the right steps to return to growth in profitability.”