Member Article

Leeds consultancy WYG narrows pretax losses after a period of healthy UK growth

Leeds project management and consultancy firm WYG has reported narrowing pretax losses after “benefitting from renewed confidence” in their core markets.

For the six months to September 30, WYG made a loss of £267k, compared with a loss of £447k in the same period last year.

Revenue dipped slightly from £63.8 million to £62.3 million. This includes a £4.6 million increase in UK revenue offset by the decrease in international revenue largely due to the hiatus caused by the delay in signing the new EU budget.

The company has said that they expect this to increase in the next half of the year as the impact of the delayed EU budget approval has passed.

The business has reportedly seen a significant increase in revenue, profitability and its pipeline of opportunities, resulting largely from the resurgent activity in the construction and house building sector.

Paul Hamer, chief executive officer of WYG, said: “We have enjoyed a very positive first half. Building on last year’s momentum, the UK has performed particularly well and we have retained or won the overwhelming majority of the key framework agreements that we have bid for, which are expected to generate a substantial proportion of our revenues over the next 2 to 3 years.

“We have also won a number of important new international contracts, significantly improved our order book, and further strengthened our business through acquisitions and investments.

“Overall, we are pleased with the improvement in profitability so far. The strong order book growth we are beginning to see allows us to be confident about WYG’s long term prospects.”

This was posted in Bdaily's Members' News section by Clare Burnett .