22 Sep 2016 07:00
22nd September 2016
WYG plc
Trading Update
WYG plc (WYG or the Group), the global programme, project management and technical consultancy, today provides an update on trading for the six month period ending 30th September 2016. The Group's Annual General Meeting (AGM) takes place at 10.00am today, 22nd September 2016, and its half year results are expected to be announced on 1st December 2016.
Trading update
At the AGM the Chairman will make the following statement:
"We are pleased to report continued momentum in the growth of the business, with profit before tax and revenues for the half year ending 30th September 2016 expected to be significantly ahead of the comparative period. In addition, our Group order book has increased by almost 35% to £157m as at 31 August 2016, compared with the corresponding time last year.
"Despite some initial project delays in our UK Region, reflecting uncertainty immediately before and just after the outcome of the UK referendum on membership of the EU, we are now seeing positive signs in almost all of our core services. UK government and infrastructure spending, which are the main drivers of WYG's front-end planning and consultancy business, have remained resilient and we have won a number of new contracts, ranging from projects for the Ministry of Defence at RAF Lossiemouth and implementing the Army Basing Plan on a number of sites around Salisbury Plain to preparing a strategic masterplan for the town of Baldock for Hertfordshire County Council. Overall, we expect UK revenue to be significantly ahead of the comparable period last year.
"Internationally, the scale of the opportunity across our target markets continues to grow and WYG's well-established and market leading local businesses in Poland, Croatia and Turkey are ideally placed to take advantage of the pipeline of opportunities as EU funds flow under the new multi-annual financial framework which remains unaffected by the UK's vote to leave the EU.
"Regionally, we continue to see expansion in our EAA Region where, as announced on 8 August 2016, we have won a number of important new contracts and contract extensions and we are encouraged by the pipeline of potential European Structural Funds projects and other opportunities.
"In our MENA Region we are pleased to report that there has been no immediate impact from the recent political unrest in Turkey although we continue to monitor developments closely. We have secured further projects during the period and our budgeted revenues for the remainder of the current financial year are fully underpinned by contracted work and we therefore expect a continued strong performance from this Region.
"Overall, the substantial increase in the order book of work to be undertaken in the second half, compared with where it stood at the same time last year, in combination with our expected strong first half performance, gives us good forward visibility and provides a sound platform to deliver a full year performance which is in line with current market expectations."
ENDS
Contacts:
WYG plc Paul Hamer, Chief Executive Officer Iain Clarkson, Chief Financial Officer
| Tel: 0113 278 7111 |
MHP Communications John Olsen / Katie Hunt / Ollie Hoare
| Tel: 020 3128 8100 |
N+1 Singer Sandy Fraser / Nick Owen/ James White
| Tel: 020 7496 3000 |
WH Ireland Limited Tim Feather / Liam Gribben
| Tel: 020 7220 1666 |
Notes to editors:
About WYG
WYG is a leading programme, project management and technical consultancy employing over 1,600 people and operating from more than 50 locations across the UK, Europe, Africa, Asia and the Middle East. We specialise in creating and managing strategic assets for our clients. We engage with them in the early stages of a project, and often continue to advise them throughout its lifecycle.
Outside the UK, we have a strong, longstanding presence in a number of EU member states and pre-accession countries. We are a leader in international development, exporting our knowledge and networks to undertake ambitious projects that make a positive impact on infrastructure, socio-economic growth and the environment. Our in-house expertise encompasses seven global sectors: defence & justice, energy & waste, environment, mining & metals, social development and infrastructure, transport, and urban development. We also bring together a network of more than 20,000 partners and associates from around the world. This breadth of skills and knowledge allows us to provide a unique integrated approach to solve complex challenges wherever in the world our clients need us.
WYG plc's shares are traded on AIM, a market operated by the London Stock Exchange.