WYG recovery continues

Consultant WYG is expecting full-year operating profits to come in 10% ahead of forecasts as the firm continues to recover following a turbulent few years.

WYG confirmed the figures to the Stock Exchange this morning in a trading update ahead of results due in June.

It said: “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.”

WYG said its improvement was ahead of schedule and the UK business was “stabilising” despite the challenging market conditions.

The firm said: “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.”

WYG shut its loss making business in the Republic of Ireland last year and restructured its transport business in the UK.

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. Source: Construction Enquirer.