Leeds' WYG sees revenue surpass the £150m mark despite drop in pre-tax profit

WYG plc, the global project management and technical consultancy, has reported its audited final results for the year ended 31st March 2017.

The Leeds-headquartered company saw revenue rise by 14% to £151.8m. It’s UK revenue increased by 12% to £107.6m, and there was also an 80% increase in Middle East and North Africa including Turkey (MENA), with revenues rising to £23.8m.

However, during this period WYG’s pre-tax profit saw a slight decrease from £2.2m to £1.6m. There was also a 15% drop in revenues for Europe, Africa and Asia (EAA), which the company says is mainly due to restructuring its Polish operation.

WYG has further announced two Senior operational management appointments to lead divisions of new organizational structures. Jeanne ‘JC’ Townend is now the head of consulting services, whereas Jesper Damgaard has taken the position of head of international development.

Paul Hamer, chief executive officer of WYG plc, commented: “WYG has delivered a 14% increase in revenue, a 22% increase in adjusted operating profit and a marked improvement in operating cash generation - although a number of project delays and deferrals in the final quarter meant we did not quite meet the expectations we set ourselves at the beginning of the year.

“Despite a temporary curtailment in the process of formalising some contractual commitments as a result of the UK General Election, we have started the current year well having already won a significant contract in Africa and places on two major UK frameworks.

“The opportunities we are seeing in our core consultancy services and international development markets, combined with our initiatives to drive efficiency and resilience across the Group, leave us in a strong position from which to deliver good growth in the current year.”

Mike McTighe, chairman of WYG plc, added: “As announced separately today, Douglas McCormick has been appointed as chief executive officer to succeed Paul Hamer who is taking up the post of chief executive at Sir Robert McAlpine Limited.

“We thank Paul for his fantastic service over the past nine years during which time he has led the Group’s return to growth and profitability.

“He leaves WYG with a strong new leadership team, improved governance and culture, a robust order book and a healthy pipeline of major projects with long-term structural funds and institutions with which we have strong relationships.

“We welcome Douglas McCormick whose 30 years’ experience in the construction industry, most recently as chief executive officer of Sweett Group plc, provides the company with strong leadership in the next stage of its development as it makes the most of the wealth of opportunities presented by its chosen markets.”

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