Pre-tax profit return expected by WYG

WYG was in bullish mood today as the project management consultancy announced that it expects annual operating profit to be 10% ahead of market expectations.

In a trading update for its financial year to March 31 this year, the Leeds-based business said the improved operating profit underpinned a better than expected return to profit at the pre-tax profit level.

However, WYG, said it anticipates revenues to have decreased when it announces its full year results on June 4.

The group, which has been concentrating many of its projects overseas in recent months, said despite the UK market remaining challenging, the business was stabilising domestically.

It added that positive progress was being made in sectors including defence and justice and energy and waste and overseas WYG said it had reduced its reliance  on European Union donor-funded work.

Paul Hamer, chief executive of WYG, said: “Having announced the group’s return to operating profit on 29 November, we are very pleased to see that the positive progress in the half year has continued in the second half, enabling us to report on another milestone for the group: an expected return to profit at the pre-tax level.

“We are now well positioned to leverage our strategic partnerships to create high quality, sustainable revenue growth in the year ahead and we look forward to announcing our results in June.”