Leeds-based project management consultancy WYG, whose board last month accepted a takeover offer from California-based engineering firm Tetra Tech, said on Tuesday its revenue edged up 1.7% to £157 million in the year to March 31, 2019.

Statutory loss before tax narrowed to £4.6 million from a £5.3 million loss a year before.

WYG said on May 20 its board unanimously accepted a £43.4 million cash takeover offer of 55p per share from Pasadena, California-based engineering firm Tetra Tech.

This represented a 244% premium to the closing price of 16p per WYG share on the day prior to the announcement.

Shareholder approval is required for the deal in a vote on June 27, 2019.

WYG chief executive officer Douglas McCormick said: “Although this has been another challenging year for WYG, we have taken decisive steps to implement our strategy of delivering a simpler, more robust platform and driving efficiencies which are beginning to take effect. 

“We have won or renewed our place on many key frameworks and secured a number of major new projects which will underpin a significant proportion of our projected earnings for FY20 in both our primary business streams.

“On 20 May 2019, it was announced that the board had reached agreement on the terms of a recommended cash offer by Tetra Tech to acquire the company at 55p per share, representing a premium of approximately 244% to the closing share price on 17 May.

“Becoming part of Tetra Tech enables benefits of scale and access to expertise across highly complementary geographies and client relationships, and brings operational infrastructure and financial strength to support WYG’s long term growth ambitions.

“Going forward, whether we become part of the Tetra Tech Group, providing the benefits of scale and access to expertise across highly complementary geographies and client relationships, or with a strengthened balance sheet through the implementation of a fundraising and our recovery plan, we believe WYG is well placed for a return to profitability and positive cash flows.”

WYG employs about 1,600 staff primarily in the UK and Europe, delivering consulting and engineering services.