7th Jun 2016 07:08
LONDON (Alliance News) - Project management and technical consultancy WYG PLC on Tuesday posted higher pretax profit, revenue and a hiked dividend for the year to the end of March and appointed a new finance chief.
WYG said its pretax profit for the year to March 31 was GBP2.2 million, significantly up from the GBP1.4 million it made a year earlier.
Revenue grew 2.0% to GBP133.5 million from GBP130.5 million, up 2.0%, but profit was boosted by a big improvement in trading in the second half, after the first half had been hit by a budget hiatus in the European Union. Second half revenue grew 5.0% against the first half, WYG said.
WYG said it benefited from buoyant infrastructure and planning markets in the UK, supplemented by contributions from acquisitions it made. Revenue also grew in its Europe, Africa & Asia and its Middle East & North Africa divisions.
WYG's order book at the end of the year was GBP150.1 million, up 43% year-on-year thanks to a 50% rise in its order book in the UK and 36% rise for international work.
The company will pay a final dividend of 1.0 pence per share, up from 0.7p, taking its total payout up to 1.5p from 1.0p, a 50% hike.
Trading in the current financial year has been in line with WYG's expectations, with strong trading in the UK continuing and a growing pipeline of international projects. The group also does not anticipate it will be "unduly affected" by the UK's referendum on its EU membership.
"I am pleased to report on another successful year for WYG in which we have seen continued strong profit growth and a very significant increase in our order book despite the first half of the year being held back by the EU budget hiatus. Having had a very strong finish to the year, we are seeing buoyant conditions across all three of our regions driving continued strong momentum into the new financial year," said Chief Executive Paul Hamer.
In a separate statement on Tuesday, WYG said it has appointed Iain Clarkson as its chief financial officer with immediate effect. He replaces Sean Cummins, whose departure was announced in December.
Clarkson is the former finance director of oil services company Amec Foster Wheeler PLC's Clean Energy Europe unit.
WYG shares were up 2.4% to 145.9 pence at the open on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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