DESIGN and engineering consultancy WYG has announced ambitious plans to build revenue to £175m by 2018, from which it could generate pre-tax profits of £15m.
The Leeds-based group told investors at a strategy day yesterday that plans for international expansion will boost the group over the next three years.
The group’s chief executive Paul Hamer said: “We’re almost at the point where there are more opportunities than we can service and we’re having to prioritise.
“Across Africa, Europe and Asia, we’ve identified £300m worth of opportunities. We also expect our UK business to grow by 10 per cent organically over the next three years.”
The group, which has a £75m UK turnover at the moment, expects to be close to £90m to £100m by 2018, with profits increasing from its new activities.
The group said the economic recovery in the UK is stimulating activity across many sectors and the outlook for consultancy is encouraging .
The firm, which recently worked on the Cork docklands regeneration project in Ireland, also anticipates growth across Europe, with Continental revenues rising from £30m to around £45m.
“We are also supporting the UK Government across Africa and in fragile states,” said Mr Hamer.
“This will result in turnover from these areas rising from £8m to £10m to up to £30m.”
WYG is working with Government departments such as the Ministry of Defence andit said it is strongly positioned to secure new contracts across the Department for International Development’s Fragile and Conflict Affected States framework, with a particular focus on Africa.
WYG was recently awarded a three-year technical assistance contract by the European Investment Bank on behalf of the Western Balkans Investment Framework.
The firm said it will make £1.5m in cost savings once property leases come to an end in 2017.
“The targets we’ve issued are prudent, realistic and achievable,” said Mr Hamer.
“We’ve got great momentum in the business. There’s a real vibe and a buzz in the market.”