WYG delivers ‘disappointing’ half year results

Douglas McCormick, CEO of WYG
Douglas McCormick, CEO of WYG
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WYG, the global project management and technical consultancy, today delivered “disappointing” half year results, but stressed that its underlying business remained robust.

In the six months ended September 30 2017, revenue was up 3.8 per cent to £76.2m and the loss before tax was £2.8m.

WYG said its consultancy services business was profitable, despite contract delays and lower volumes, and its international development division had increased both its revenue and underlying profit contribution.

Douglas McCormick, the chief executive of WYG, said: “Although this is a disappointing set of results, reflecting the issues we highlighted in August and November 2017, there are positives.

“We continue to anticipate a stronger second half, consistent with our historical seasonal trading pattern and our guidance in November. We remain confident that the underlying business is robust and that, supported by a strong order book, we are taking the correct steps to return to a growth trajectory.

“Importantly, revenue is up on the comparative period and we are seeing major projects in both our principal business streams start to mobilise, albeit some months later than originally expected.

“My first six months at WYG have been very busy. We have been operationalising the commercial strategy announced in June 2017; extended our bank facility with HSBC; and completed a significant step to improve WYG’s position in the light of the potential impact of Brexit.

“Having met a number of major clients, visited almost all our offices and spoken with several hundred of our highly-skilled staff, I am reassured that WYG is a fundamentally sound business and that we have a strong platform from which to grow in the medium term.”