20th Mar 2013 07:00
20 March 2013
WYG plc
Trading Update
WYG plc ("WYG" or the "Company" or the "Group"), the global management and technical consultancy to the built and natural environment, today provides an update on trading for the year ending 31 March 2013, in advance of the announcement of its final results which is expected to take place on 4 June 2013.
The Board is confident that Group operating profit for the full year will be 10 per cent. ahead of market expectations, underpinning a better than anticipated return to profit at the adjusted pre-tax level despite anticipated lower revenues.
This performance has been driven by a continuation of the improvements which led to the business achieving an operating profit at the half year (before separately disclosed items, as defined in the Company's last financial statements). In the UK, where the market continues to be challenging, our business appears to be stabilising. We continue to make good progress in our key sectors of Defence & Justice and Energy & Waste and have maintained our focus on working capital improvements and significantly reduced overheads. In our overseas markets we have made demonstrable progress in reducing WYG's reliance on EU donor-funded work, adding significant new clients and projects to our portfolio.
Paul Hamer, Chief Executive Officer of WYG plc, said:
"Having announced the Group's return to operating profit on 29 November, we are very pleased to see that the positive progress in the half year has continued in the second half, enabling us to report on another milestone for the Group: an expected return to profit at the pre-tax level.
"We are now well positioned to leverage our strategic partnerships to create high quality, sustainable revenue growth in the year ahead and we look forward to announcing our results in June."
ENDS
WYG plc Tel: 0113 278 7111
Paul Hamer, Chief Executive Officer
Sean Cummins, Group Finance Director
MHP Communications Tel: 020 3128 8100
John Olsen / Katie Hunt / James White / Vicky Watkins
Numis Securities Limited Tel: 020 7260 1000
Stuart Skinner/ Jamie Lillywhite (Nominated Adviser)
David Poutney/ Ben Stoop (Corporate Broker)
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