New chief executive set for WYG as it sees first double digit growth since 2011
Leeds-based global consultancy WYG is upbeat after seeing its first year of double digit growth since 2011 and bringing in a new chief executive.
The company said it is a “fundamentally” different group since its last double digit growth in 2011.
Revenue was up 14% to £151.8m from £133.5mp, but profit before tax dipped to £1.6m from £2.2m. The company warned of the profit dip back in March, blaming it on project delays.
WYG saw a strong performance across its UK business, growing it 12% for the year to March 2017, as well as an 80% increase in Middle East and North Africa, with revenues there reaching £23.8m.
It reduced revenues in Europe Africa and Asia by 15% due to the restructure of its Polish operations, but said that the business there is now performing in line with expectations and delivering cost savings of £1m a year.
The company remained positive, following up the announcement with that of the departure of long-standing chief executive Paul Hamer, who has been with the company since 2008. He is leaving to take up a seat on the board of Sir Robert McAlpine as chief executive, and will be replaced by Douglas McCormics as CEO.
McCormick was most recently chief executive at Sweett Group plc.
Paul Hamer, chief executive officer of WYG until 12 June, commented: “WYG has delivered a 14% increase in revenue, a 22% increase in adjusted operating profit and a marked improvement in operating cash generation – although a number of project delays and deferrals in the final quarter meant we did not quite meet the expectations we set ourselves at the beginning of the year.
“Despite a temporary curtailment in the process of formalising some contractual commitments as a result of the UK General Election, we have started the current year well having already won a significant contract in Africa and places on two major UK frameworks. The opportunities we are seeing in our core consultancy services and international development markets, combined with our initiatives to drive efficiency and resilience across the Group, leave us in a strong position from which to deliver good growth in the current year.”
Mike McTighe, chairman, WYG plc, said: “As announced separately today, Douglas McCormick has been appointed as chief executive officer to succeed Paul Hamer who is taking up the post of chief executive at Sir Robert McAlpine Limited. We thank Paul for his fantastic service over the past nine years during which time he has led the Group’s return to growth and profitability.
“He leaves WYG with a strong new leadership team, improved governance and culture, a robust order book and a healthy pipeline of major projects with long-term structural funds and institutions with which we have strong relationships.
“We welcome Douglas McCormick whose 30 years’ experience in the construction industry, most recently as Chief Executive Officer of Sweett Group plc, provides the Company with strong leadership in the next stage of its development as it makes the most of the wealth of opportunities presented by its chosen markets.”
