Return to growth nears as consultancy narrows losses

Listed project management consultancy WYG has come through “a tough six months” and believes it can return to growth.

The Leeds-based group has revealed it narrowed losses in the six months to September, down by £2.0m to £0.8m.

Douglas McCormick, chief executive of WYG, said: “It has been a tough six months but we have delivered results in line with market expectations and we have made substantial progress towards creating a more stable and efficient business platform.

“There remains plenty of scope to build on this platform and to develop our business as the UK government continues to invest in infrastructure, housing, and the defence estate, the prime drivers of our UK business; and, through the UK’s ring-fenced overseas development budget and the commitment of international financial institutions to expand our international business.”

The company’s share price has been under pressure for nearly two years, and has fallen by 70% since the start of 2017 to last night’s close of 43p.

McCormick was buoyed by discussions with clients and staff and is confident “WYG is a sound business and that we are taking appropriate steps to return it to growth”.

He added: “In the near term, we expect a stronger second half, in line with market expectations and consistent with our long-term seasonal trading pattern.”

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