4th Dec 2018 12:34
LONDON (Alliance News) - WYG PLC on Tuesday reported a significantly narrowed interim loss on reduced restructuring costs, as the company said it expects an improved second half on the performance of new senior staff.
For the six months to September 30, the management consulting company cut its pretax loss to GBP755,000 from GBP2.8 million a year ago.
The company said restructuring costs decreased to GBP1.5 million in the half-year from GBP3.5 million previously.
WYG's revenue decreased 1.9% in the first half to GBP74.1 million from GBP75.5 million. Including joint ventures the company's revenue decreased 1.2% to GBP75.3 million from GBP76.2 million.
The company declared an interim dividend of 0.6 pence, flat on the year before.
"It has been a tough six months but we have delivered results in line with market expectations, and we have made substantial progress towards creating a more stable and efficient business platform," said Chief Executive Officer Douglas McCormick.
WYG's Consultancy Services division, which accounts for 77% of revenue, saw a growth in "almost all of its main markets".
The company expects the division to perform better in the second half due to the rate of staff turnover reducing and "new senior staff start to make an impact".
McCormick added: "In the near term, we expect a stronger second half, in line with market expectations and consistent with our long-term seasonal trading pattern."
The company's order book at September 30 was GBP169.0 million, up from GBP166.4 million at March 31, of which about GBP62.0 million is expected to be delivered in the current financial year.
Shares in WYG were down 3.3% Tuesday at 42.55 pence each.
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