WYG’s shares slump following profit warning

Project management and consultancy WYG saw its shares slump 33% on Friday after warning that profits for the year will be well below expectations.

The Leeds-based firm said it now anticipates that operating profit for the full year will be substantially lower than current market expectations and in the range of £3.5m to £4.m, with net debt expected to be in the region of £6m to £7m.

It is the second revision of expectation in three months for the company. WYG’s share price fell 22.2p to 44.80p after the announcement.

Former Sweett CEO Douglas McCormick, who took the helm in June from Paul Hamer who left to join Sir Robert McAlpine, said: “Although it is very disappointing to be making a further announcement revising expectations of WYG’s near term performance, the board is confident that the underlying business is robust and that, supported by a strong order book, we are taking the correct steps to return to a growth trajectory in the medium term.”