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WYG claims turnaround milestone

29 Nov 12 With its Irish adventure now over, consulting engineer WYG appears to have turned a corner and made an operating profit for the six months ending 30 September 2012.

CEO Paul Hamer
CEO Paul Hamer

WYG made 12 acquisitions in Ireland between 1999 and 2008, only to then see the market there collapse. WYG liquidated its four Irish companies in September this year, the cost of which pushed the firm down to a pre-tax loss of £745,000.

However, at an operating level, and before exceptional items, WYG made an interim profit of £300,000, compared to a loss of £2.5m for the same period in 2011.

Revenue was down 10% to £61.8m (2011 H1: £68.5m), in part due to the Irish withdrawal.

CEO Paul Hamer said: "As we guided earlier in the year, I am delighted to confirm that WYG has made an operating profit in the six month period ended 30 September 2012, marking a very significant milestone in the turnaround of the group. 

"Despite continued challenging conditions in the UK, we have secured good quality new business across our key sectors and we are developing a strong pipeline of international opportunities in both the public and private sectors, underpinning the group's long term growth prospects.

"Trading in the first half, and since the period end, has been in line with our own expectations and market forecasts for the full year.  We look forward to making further progress as we realise the benefits of legacy cost savings and focus on creating higher quality revenues through the delivery of our global integrated strategy."

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