Project managers WYG planning for success

PROJECT management consultants WYG has had a strong first half with revenues and pre-tax profits on the up.

The Leeds-based company reported revenues up 17% for the half year to 30 September, rising to £73.5m from £62.6m.

Pre-tax profits for the period rose to £2.6m up from £2.2m in the comparable period in 2015.

During the period the company won five lots of the Transport for Greater Manchester Framework and was re-appointed to the National Grid property framework.

It has also been attempting to establish its retail credentials in the asset management division, working with the Co-operative, McDonalds, TGI Fridays, Wagamama and Network Rail.

Major overseas project wins including a €13.1m Western Balkans programme, €6.6m of projects funded by European Structural Funds in support of the Polish government’s initiative to help the unemployed and €5.4m of EU technical assistance projects in Turkey have also aided its international ambitions.

Paul Hamer, chief executive officer of WYG, said: “We are pleased to report that the growth in order book seen last year has been successfully converted into significantly improved revenue, profitability and cash flow performance, particularly in the UK.

“Despite some initial project delays, reflecting uncertainty immediately around the time of the UK referendum on the EU, we are seeing positive signs in almost all of our core services.

“UK government and infrastructure spending, which are the main drivers of WYG’s front-end planning and consultancy business, have remained resilient and we are very encouraged by the proposals contained in the Autumn Statement.

“The strong first half provides a sound performance platform whilst the substantial increase in contracted work deliverable during the second half gives us good forward visibility.

“This combination underpins our view that we will deliver a full year performance which is in line with current market expectations. In addition, with significant headroom within our £25m bank facility, we will continue to invest in the business to support future growth and to selectively review acquisition opportunities.”

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