WYG says order book is up 35 per cent post Brexit

Project management consultancy'‹ '‹WYG'‹ '‹cheered shareholders with the news that half year profits will be significantly ahead of last year and its order book has risen 35 per cent to £157m.

WYG has won a number of new contracts including projects for the Ministry of Defence at RAF Lossiemouth

The ​Leeds-based ​group reported a recovery following the fall out from the Brexit vote.

Chairman Mike McTighe told shareholders at the group's AGM in Leeds that UK revenue should be significantly ahead of the comparable period last year.

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“Despite some initial project delays in our UK region, reflecting uncertainty immediately before and just after the outcome of the UK referendum on membership of the EU, we are now seeing positive signs in almost all of our core services," he told investors.

"UK Government and infrastructure spending, which are the main drivers of WYG’s front-end planning and consultancy business, have remained resilient and we have won a number of new contracts, ranging from projects for the Ministry of Defence at RAF Lossiemouth and implementing the Army Basing Plan on a number of sites around Salisbury Plain to preparing a strategic masterplan for the town of Baldock for Hertfordshire County Council."

The group said that its market leading local businesses in Poland, Croatia and Turkey are "ideally placed" to take advantage of the pipeline of opportunities as EU funds flow under the new multi-annual financial framework which remains unaffected by the UK’s vote to leave the EU.

“Regionally, we continue to see expansion in our EAA Region where, as announced on August 8, we have won a number of important new contracts and contract extensions and we are encouraged by the pipeline of potential European Structural Funds projects and other opportunities," said Mr McTighe.

“In our MENA Region we are pleased to report that there has been no immediate impact from the recent political unrest in Turkey although we continue to monitor developments closely. We have secured further projects during the period and our budgeted revenues for the remainder of the current financial year are fully underpinned by contracted work and we therefore expect a continued strong performance from this region.