11th Jun 2019 12:27
(Alliance News) - WYG PLC on Tuesday reported a narrowed loss in its recently ended financial year, helped by the improved performance of its International Development division.
The consulting company said its pretax loss narrowed to GBP4.6 million in the year to the end of March from GBP5.4 million reported a year earlier, as revenue increased to GBP154.4 million from GBP152.9 million.
The company noted that its revenue in the Consultancy Services unit declined to GBP60.1 million in the second half from GBP62.3 million year-on-year due to a weaker-than-expected performance across its UK businesses.
Meanwhile, the International Development division delivered revenue of GBP39.1 million, up from GBP35.1 million a year ago, following restructuring.
WYG declared an interim dividend of 0.6p per share in December, but had announced in March that it had decided not to pay it, nor to declare a final dividend for the year. This was because its annual results missed market expectations, while it also failed to meet its debt to earnings covenants. WYG paid a 1.8p dividend for financial 2018.
"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," said Chief Executive Douglas McCormick.
WYG shares were trading 0.3% higher on Tuesday at 54.40p each.