Strong momentum sees WYG resume divi
PROJECT management consultancy WYG today said it is in better shape than it has been for several years after announcing increased profitability and a year of strong momentum.
In its final results for the year ended March 31 2014, the Leeds-based group reported revenue of £126.9m up from £125.7m and adjusted pre-tax profit of £4.2m, up from £0.7m in the previous period. WYG said its second half adjusted pre-tax profit was £2.8m – double the first half at £1.4m.
The group’s order book is up 12% to £86.8m, prior to post year end wins. Subject to the approval of shareholders, a dividend of 0.5p will be paid in November – the first since 2008.
Paul Hamer, chief executive officer, said: “We have made considerable progress during the year, with our focus on generating quality revenues delivering a strong increase in profits and a substantial uplift in our order book.
“WYG is now in better shape than it has been for several years, with a highly differentiated consultancy offering, a financial structure which fully supports its potential, and clear momentum in its order book.”
WYG also announced this morning that it has been appointed as the key partner in a consortium, led by Australian, ASX-200 listed professional infrastructure and environmental services company, Cardno, that has been awarded a major new contract in Libya by the UK’s Department for International Development (DFID). The contract forms part of the UK’s Security, Justice and Defence (SJD) programme in Libya, funded and overseen jointly by DFID, the Foreign & Commonwealth Office (FCO), and Ministry of Defence (MoD).
Under the contract WYG, in a joint venture with Cardno, will deliver the first phase of a programme to support the Libyan authorities in providing more effective, accountable and sustainable security, justice and defence for its citizens, over a period of up to 34 months. Initial work will culminate in the delivery of an inception report which, if accepted, WYG expects to lead to further work on the project which has a total potential value of approximately £28m.
