WYG is back in the black

Engineering consultancy WYG has returned to profit despite delayed approval of the EU budget holding back international revenues.

The Leeds-based company reported a pre-tax profit of £2.2m in the six months to September 30 following a £400,000 loss last time.

The group reported a strong performance in the UK and said it has made progress in converting its international pipeline.

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Recent contract wins include the Co-op and the MoD for the surveying of overseas service families’ accommodation.

It won more than 100 new projects under UK framework agreements including development of the MoD’s new base in Bahrain.

The order book increased to £130m by the end of November following further contract wins and WYG said it sees major opportunities arising from the Government’s spending reviews and Autumn Statement.

Paul Hamer, chief executive of WYG, said: “Building on the strong first half performance in the UK, we are seeing an increasing flow of work from major public and private sector clients, underpinned by continuing economic growth and infrastructure spending which are the main drivers of our core front-end planning and consultancy business.

“Internationally, we continue to make very good progress with our activities in fragile and developing states where we are starting to see good levels of growth, particularly in Africa. Whilst the delay in the ramp up in the EU funding cycle held revenues back during the first half, since this issue was resolved we have started to win some significant new multi-year EU related projects. We expect performance to build during the second half of the year and for several years beyond.”