WYG Forecasts Rise In Annual Revenue And Profit With Trading In Line

28th Mar 2018 13:19

LONDON (Alliance News) - WYG PLC said on Wednesday that current trading is in line with market expectations and expects to report revenue and operating profit for the current financial year higher than the year before.

The management consulting company said it anticipates its revenue to come in at GBP155.0 million and operating profit at GBP3.5 million. The prior year WYG posted revenue of GBP151.8 million and operating profit of GBP2.2 million.

The group said it assumes separate disclosed costs of GBP8.5 million, increased from GBP6.6 million it reported the year earlier. These fees will include GBP3.2 million paid in relation to the closure of the real estate advisory business, bought in October 2015, and GBP2.2 million spend on the write down of acquired intangible assets.

WYG said that its book of secured contracts stood at GBP162.0 million as at the end of February. Compered to March 31 last year, the order book was GBP145.0 million.

The company said that it hopes to see the benefit of actions taken to improve the efficiency and profitability of the business in its annual results.

WYG Chief Executive Officer 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."

Shares in WYG were down 2.7% at 34.04 pence per share on Wednesday.

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