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WYG Plc (WYG)

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Tuesday 25 September, 2018

WYG Plc

Trading Update

RNS Number : 7714B
WYG Plc
25 September 2018
 

 25th September 2018

WYG plc

Trading Update

WYG, the global project management and technical consultancy, today provides the following trading update for the six months ending 30th September 2018. The Group's Annual General Meeting (AGM) takes place at 10.00am today, 25th September 2018, and its half year results are expected to be announced on 4th December 2018.

 

Trading update

 

At the AGM the Chairman will make the following statement:

 

"The Board expects revenue and operating profit (before separately disclosed items and share-based payments) for the half year to be broadly in line with the comparative period for the prior year.  The benefits of actions taken to improve the efficiency and profitability of the business have offset some softness in trading in particular in our International Development business where we have seen some delays in opportunities coming to market and a slower ramp up of activities on certain existing projects, alongside a high level of bidding costs falling within the period. Our expectations for the full year are unchanged, namely that revenues will be at a similar level to last year and that the Group will record a modest improvement in operating profit for the year as a whole.

 

Current net debt is approximately £15.0m including a £3.0m receivable from one of our International Development Business's clients where we anticipate receipt of the outstanding balance very shortly. Our expectations for year end net debt are also unchanged from previous guidance, reflecting the Group's normal seasonal working capital and cash collection profile.

 

The Group's order book of secured contracts continues to run at a healthy level and at 31 August stood at £161.3m."

 

 

Douglas McCormick, Chief Executive Officer of WYG, commented:

 

"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."

 

 

ENDS

Contacts:

WYG plc

Douglas McCormick, Chief Executive Officer

Iain Clarkson, Chief Financial Officer

 

Tel: 0113 278 7111

MHP Communications

Katie Hunt / Ollie Hoare / Pete Lambie

 

Tel: 020 3128 8570

N+1 Singer     

Sandy Fraser / Rachel Hayes/ James White

 

Tel: 020 7496 3000

 

 

 

 

Notes to editors:

 

About WYG

 

WYG is an award-winning professional services firm operating from more than 50 locations across the UK, Europe, Africa, and Asia. We are driven by client service and underpinned by technical excellence. We help our clients create value, protect value, and manage risk. We are the partner of choice for organisations operating in complex or challenging environments.

We serve our clients through six business streams:

·      International Development 

·      Infrastructure & Built Environment

·      Programme & Project Management

·      Surveying & Asset Management

·      Environmental

·      Planning and Transport

 

WYG plc's shares are traded on AIM, a market operated by the London Stock Exchange.

 


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