25th Sep 2018 13:19
LONDON (Alliance News) - Management consultant WYG PLC on Tuesday said at its annual general meeting it expects interim revenue and profit from operations to meet expectations.
WYG said previous action taken have, during the six months to September 30, helped offset some soft trading, particularly in its International Development business.
Revenue for its year to March 31 are guided to be flat year-on-year, while operating profit should improve slightly.
In its prior financial year, revenue was GBP152.9 million while operating profit was GBP3.5 million on an adjusted basis.
WYG said its order book is healthy, and stood at GBP161.3 million at August 31.
Chief Executive David McCormick said: "Our performance for the year to date is broadly in line with market expectations for the full year and, while we have seen some softness particularly in our international operations, we continue to work hard to deliver a significant and sustained improvement in operating margins from current unacceptably low levels, together with a more consistent cash conversion profile.
"We are making progress in developing a simpler, more robust business platform and implementing the recommendations identified in our business-wide efficiency review. Our outlook for the full financial year remains unchanged."
Shares were 5.2% lower Tuesday at 55 pence each.
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