Leeds consultancy WYG expects £155m revenue

Leeds-based WYG, the AIM-listed project management consultancy, said it expects revenue and operating profit for the year, before separately disclosed items and share-based payments, to be in line with current market expectations of £155 million and £3.5 million respectively.

The news was contained in a trading update ahead of WYG’s financial year end on March 31.

The group’s order book of secured contracts as at February 28, 2018, was £162 million.

Further, WYG said: “Our expectations for the financial year ending 31st March 2019 are that revenues will be at a similar level to this year and that the business will make a modest improvement in the level of operating profit as we start to see the benefit of actions taken to improve the efficiency and profitability of the business.

“We will provide a more detailed update on trading in the final results for the year ending 31st March 2018 which are expected to be released on 5th June 2018.”

WYG employs 1,600 people in more than 50 locations across the UK, Europe, Africa, Asia and the Middle East.

WYG chief executive Douglas McCormick said: “Our current trading performance is in line with recent market expectations and we are working hard to move the business to an improved and more sustainable level of profitability for the future.

“I am encouraged by the progress being achieved through a number of distinct actions we are taking to improve the efficiency and effectiveness of our operations.

“We are therefore maintaining a cautious but progressive outlook for the coming financial year.”