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Share options wipe out WYG profits

2 Dec 14 Construction consultant WYG continues to operate at a loss despite buoyant markets.

WYG chief executive Paul Hamer
WYG chief executive Paul Hamer

In the six months to 30th September 2014, WYG made a loss before tax of £400,000 on revenue of £63.2m.

Included in this is a £1.7m cost for giving out share options. The company’s financial statement does not state who the primary beneficiaries of these options were.

Operating loss for the period was £267,000.

Despite this, CEO Paul Hamer described the first six months of the financial year as “very positive”.

He said: “Building on last year's momentum, the UK has performed particularly well and we have retained or won the overwhelming majority of the key framework agreements that we have bid for, which are expected to generate a substantial proportion of our revenues over the next two to three years.

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"We have also won a number of important new international contracts, significantly improved our order book, and further strengthened our business through acquisitions and investments.”

WYG acquired Alliance Planning in September for £3.2m, creating one of the largest planning businesses in the UK. Last year Alliance Planning reported turnover of £3.3m and pre-tax profit of £800,000.

Significant wins in the half year include the award of a place on the Ministry of Defence’s four-year principal support provider framework for services to the Defence Infrastructure Organisation. Under this framework alone, WYG has won, submitted or are in the process of submitting 11 tenders with a capital value of £500m and potential fees of approximately £15m.

It has also more recently been appointed to the Homes & Communities Agency's four-year multidisciplinary framework and expects to win a number of major projects through it.

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