WYG Regulatory News (WYG)

2nd December 2014

WYG plc ("WYG" or the "Group")

Half Year Report

Strong profit and order book growth with further improvement expected in the second half of the year

WYG, the global programme, project management and technical consultancy, announces its half year results for the six months ended 30 September 2014.

Financial highlights:

Strong profit growth on revenues marginally up from second half of financial year 2014

· Revenue* of £63.2m (H1 2013: £63.9m; H2 2014: £63.0m)

· Operating profit** up 20% to £2.1m (H1 2013: £1.7m)

· Adjusted profit before tax** up 35% to £1.9m (H1 2013: £1.4m)

· Loss before tax of £0.4m (H1 2013: £0.7m)

· Adjusted** earnings per share of 2.9p (H1 2013: 1.8p)

· Resumption of interimdividend at 0.3p per Ordinary Share (2013: nil)

· Unrestricted cash after investments as at 30 September 2014 of £6.6m (H1 2013: £12.5m)

*Including share of Joint Venture revenues

**Before separately disclosed items

Operational highlights:

Strong underlying growth offset by delayed approval of EU Budget

· 13% increase in UK revenue to £40.0m driven by buoyant infrastructure and planning markets

· Strong contract wins in EEA and MENA following diversification strategy; revenue held back by EU Budget hiatus (Budget was finally approved in December 2013)

· Prior period focus on quality revenues underpinned improvement in Group profitability

· Acquisition of Alliance Environment and Planning Limited (Alliance Planning) creates one of the largest planning businesses in the UK

Post period end and Outlook:

· Trading since the half year end is in line with management's upwardly revised expectations

· Order book increased by 10% to £95.5m at 30 September 2014 (31 March 2014: £86.8m)

· Success with key clients and major frameworks underpins future revenue expectations

· Won 6 of 7 targeted major frameworks in the UK; potentially delivering over £100m of revenue over next 3-7 years

· International development opportunities have grown post period end

· €130m estimated pipeline of project opportunities in pre-accession countries following EU budget approval

· Strong pipeline across Africa following significant increases in DFID and EuropeAid budgets for the region

Paul Hamer, Chief Executive Officer of WYG, said:

"We have enjoyed a very positive first half. 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 2 to 3 years.

"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.

"We are already seeing an acceleration of international development opportunities and the benefits of the approval of the EU Budget during the second half of the year, creating almost more opportunity than WYG can service so we continue to place a strong emphasis on the formation of strategic partnerships and identifying select acquisitions which can contribute to the Group's strategic ambitions.

"Overall, we are pleased with the improvement in profitability so far. The strong order book growth we are beginning to see allows us to be confident about WYG's long term prospects."

For further information, please contact:

WYG plc Tel: +44 (0) 113 278 7111

Paul Hamer, Chief Executive Officer

Sean Cummins, Group Finance Director

MHP Communications Tel: +44 (0) 203 128 8100

John Olsen / Katie Hunt / Vicky Watkins / Ollie Hoare

N+1 Singer Tel: +44 (0) 207 496 3000

Sandy Fraser / Richard Lindley

WH Ireland Limited Tel: +44 (0) 113 394 6600

Andrew Kitchingman / Liam Gribben

CHAIRMAN'S STATEMENT

Introduction

I am pleased to report that we have enjoyed another very positive start to the year. As predicted, revenue in the first half of the year was in line with the corresponding period last year with a continued steady improvement in operating profit, reflecting our focus on quality revenues, and our order book is growing strongly. Trading since the period end has been in line with the recently upgraded market expectations for the full year and we are already starting to see an expected acceleration of international development opportunities in the second half.

In the UK, we are benefitting from the renewed confidence in our core markets. This market is primarily focused on asset creation working alongside our clients to help them transform their visions into reality. The business has seen a significant increase in revenue, profitability and its pipeline of opportunities, resulting largely from the resurgent activity in the construction and house building sector. We have also retained or won the overwhelming majority of the key framework agreements that we have bid for and we expect these frameworks to sustain a substantial proportion of our activity over the next two to three years. It is becoming apparent that with the improvement in confidence in our markets the potential value of contracts to be let under the frameworks is increasing.

Significant wins in the half year include the award of a place on the MOD's four year Principal Support Provider framework for services to the Defence Infrastructure Organisation. Under this framework alone we have won, submitted or are in the process of submitting 11 tenders with a capital value of £500m and potential fees of approximately £15m. Recently, we have also been appointed to the Homes & Communities Agency's four year multidisciplinary framework and, based on previous experience, expect to win a number of major projects during the life of the contract.

As previously announced, we acquired Alliance Planning on 10 September 2014, creating one of the largest planning businesses in the UK. This acquisition is in line with our strategy of growing quality revenues particularly in our strategic front-end client offering. For the year ended 31 July 2014, Alliance Planning reported turnover of £3.3m (2013: £2.7m) and profit before taxation (and before the remuneration of its owner-directors) of £0.8m (2013: £0.5m). The acquisition will be immediately earnings enhancing.

Our international development business is broadly divided into: social development (including poverty alleviation, climate change, resilience, policy development, agriculture, water & wastewater) and we continue to be a leader in the provision of such technical assistance in this market; and work supporting UK and other government agencies in rebuilding fragile and conflict affected states (FCAS).

We have felt some impact from the delay in signing the seven year EU budget which was finally approved in December 2013 with a programme volume of €940bn. Consequently, revenue during the first half was lower than expected, however, we have maintained operating profit levels and the shift in timing has also led to a significant increase in new work being bid for delivery in 2015 to 2020. Given that WYG is a market-leader in both Turkey and South Eastern Europe where 70% of the €11.7bn funding dedicated to pre-accession reform will be spent and based on our excellent track record of winning major work programmes, we believe that we are strongly positioned to win a substantial proportion of what we bid for, especially in the field of pre-accession work. We have, to date, identified a pipeline of specific projects across these geographies with total potential fees in excess of €130m which we are now focused on winning.

Our FCAS work continues to grow as we work closely with the UK's Ministry of Defence, Foreign & Commonwealth Office and Department for International Development (DFID) and EuropeAid. Both DFID and EuropeAid have significantly increased budgets for Africa where we also deliver projects for the World Bank, European Investment Bank and other International Finance Institutions. Delivery of our Security and Justice project in Libya is, for the time being, on a much-reduced scale whilst the geo-political situation is reappraised. We were able to complete our work on the inception phase and currently no additional work is included in our stated order book. Across Africa as a whole, we have a strong order book and pipeline and are currently delivering 31 projects in 20 countries.

We have also won a number of important new international contracts, notably our appointment as a key partner in a consortium led by Amec Foster Wheeler to support the development of Poland's first nuclear power plant. The contract, which was signed in November 2014, will be worth a minimum of £6.2m to WYG over the next three years, rising to up to £35m if all optional work is undertaken over the next 10 years.

Given the opportunities that the Group has, we have continued to make investments in line with our growth initiatives strategy, including completing a number of senior hires to extend our offering and business winning capability in areas such as FCAS. We have also been able to invest in new programmes to enhance our leadership and management skills, particularly at the graduate entry level, further upgrades to our IT hardware and software, and the wider rollout of our project management programme.

Whilst we maintain a flexible resource structure in international markets, using local relationships and expertise as required, we have also increased Group headcount during the first half of the financial year to 1,424 (31 March 2014: 1,255) reflecting the significant increase in demand for our services.

Strategy

Since the financial restructuring was completed in July 2011, WYG has achieved a turnaround in profitability and is now well positioned for growth. Our focus on delivering shareholder value and driving growth throughout the business is unchanged and our progress is now bolstered by a strengthened financial basis and the investments we have made. We continue to seek to leverage our existing market positions and client relationships to gain access to new markets. We aim to make the most of our people's unique skills and expertise to address and solve a number of select global challenges:

· Fragile States and Stabilisation - working with government and donor clients to create stability and facilitate post-conflict restructuring across many fragile states;

· Preserving the Global Environment - ensuring that the world's growing population is served with the necessary energy and water infrastructure whilst minimising carbon impact and climate change. This challenge is faced by developed, emerging and third-world economies alike; and

· Urban Development and Connected Cities - developing infrastructure related to population expansion, urbanisation and transportation as the world seeks to become super-connected.

We are creating almost more opportunity than we can service directly so we continue to place a strong emphasis on the formation of strategic partnerships and identifying acquisitions which can contribute to the Group's strategic ambitions.

Results

Gross revenue (including share of Joint Venture revenues) was, as expected, stable at £63.2m (H1 2013: £63.9m) during the period. This comprises a £4.6m increase in UK revenue offset by the decrease in our international revenue largely due to the hiatus caused by the delay in signing the new EU budget.

Operating profit performance continues to improve with the Group making an operating profit before separately disclosed items of £2.1m (H1 2013: profit of £1.7m) and an adjusted profit before tax of £1.9m (H1 2013: £1.4m). On a statutory basis, the Group made a loss before tax of £0.4m (H1 2013: £0.7m) on pre-joint-venture revenues of £62.3m (H1 2013: £63.9m).

Earnings per share adjusted to exclude separately disclosed items was 2.9p (H1 2013: 1.8p).

The Group closed the period with unrestricted cash of £6.6m (H1 2013: £12.5m) and net cash at 30 September 2014 of £8.4m (H1 2013: £15.8m), reflecting a further payment in respect of the investment in Upper Quartile LLP, the initial cash consideration for the acquisition of Alliance Planning and mobilisation on a number of large scale projects. With our continued focus on cash generation and the effective management of working capital, we expect cash balances to recover in the second half. We have continued to reduce the number and total value of outstanding legacy bonds ahead of plan and now expect them all to have been closed out by the end of the calendar year. We are managing carefully our utilisation of the new trade finance facility with Santander, which enables us to provide bonds at a more commercially viable level than before.

Dividend

We were very pleased that, with shareholder approval in September 2014, we were able to resume the payment of dividends for the first time since 2008.

For the current period, based on our improved results and strong balance sheet, the Board has decided that it is appropriate to approve an interim dividend of 0.3p per Ordinary Share (30 September 2013: nil). The interim dividend will be paid on 23 January 2015 to shareholders on the register on 30 December 2014 and WYG shares will trade ex-dividend on 29 December 2014.

Outlook

In the UK, we have performed strongly, building on the Government's continuing investment in major infrastructure projects and the re-invigoration of the construction and house building sectors which directly benefits our core, front-end disciplines of planning and development.

Overseas, a rapidly growing order book indicates that the impact of the delayed EU budget approval has now passed, meaning that we expect to see revenue grow in the second half of the year. We continue to make good progress diversifying into fragile and developing states and we anticipate good levels of growth, particularly in Africa building on the investments we have made in that region in the past 18 months.

We continue to look at a range of opportunities, both in the UK and internationally, to invest organically and through selective acquisitions made possible by the Group's improving profit and cash position. WYG is now a well-diversified Group with a robust financial base and strong market positions in the geographies and sectors in which it operates.

Mike McTighe

Chairman

2 December 2014

BUSINESS REVIEW

Operationally, the Group is structured, and reports, on a regional basis as described below. In a change from previous years, central overheads are now reported as a separate item in the segmental analysis.

UK (63% of Group Revenue)

The UK region generated revenue of £40.0m (H1 2013: £35.4m) with an operating profit before separately disclosed items and central overheads of £2.7m (H1 2013: £2.2m).

The UK region has continued to grow in the first half of the year. Growth has been strongest in our targeted sectors: the residential sector in particular has driven demand for all of our services and our defence business continues to grow. We have secured a place on the MOD's Defence Infrastructure Organisations Principal Support Provider framework for the next four years. This is expected to include major programmes of work on the MOD's property estate throughout the UK.

As previously reported, in order to underpin our continuing growth in the UK region, we have targeted a number of key frameworks, from both our largest current clients and a selected number of new clients. We have been successful in six of the seven targeted frameworks, potentially delivering in excess of £100m of future revenue over the next three to seven years.

These frameworks include: Sainsbury's Planning Framework, the NHS Shared Business Service for the provision of construction consultancy services, Transport for London for the design and implementation of traffic signal schemes, and a number of nationwide contracts for asbestos consultancy with clients such as Royal Mail, Local Government Shared Services, and Surrey County Council. Together they are expected to generate significant revenues across all of our services.

Our focus on retaining and winning key frameworks and the strategic targeting of clients and projects has resulted in significant order book growth in the first half of the year. The UK region's closing order book of £50.0m is more than 28% higher than at the end of our first half last year, and £5.0m above that reported at March 2014.

On 10 September 2014 we acquired Alliance Planning. This targeted acquisition supports our strategy to focus growth in our front end, niche services and makes us one of the biggest planning practices in the UK, strengthening both the geographic and sector diversity of our planning business.

Our people remain absolutely key to our success and we continue to develop strategies to improve our ability to retain and attract key staff. Headcount in the UK continues to grow and we anticipate further expansion through to the end of the year.

Europe, Africa and Asia (EAA) (25% of Group Revenue)

In this region WYG operates through four sub-regional business units - Central and Eastern Europe (CEE), South East Europe (SEE), Africa and Asia. In the period the EAA region generated revenue (including share of Joint Venture revenues) of £15.6m (H1 2013: £19.8m), with an operating profit before separately disclosed items and central overheadsof £0.7m (H1 2013: £1.2m).

The CEE business unit continued to provide management, training, planning, engineering and environmental services to public and private sector clients. During the period we were proud to announce our participation in the winning bid, led by Amec Foster Wheeler, for the owner's engineer/technical adviser on the nuclear new build project in Poland. Within this contract WYG will be an important part of the team providing support to PGE EJ1 in implementing the planned integrated proceedings for the selection of the technology vendor, construction, fuel supply and disposal, operator and strategic partner for the first 3000 megawatt nuclear power plant in the country.

In SEE, WYG continued its successful involvement in the Infrastructure Projects Facility (IPF) programme, being a member of the winning consortium for the newest, fourth phase (IPF4) of this major development project, which is implemented throughout the whole region. WYG also benefited from its localization strategy in Croatia where, due to our up-front investment and pre-positioning, we have emerged as a leading consultancy providing services supporting our clients in accessing the financing now made available in that country through the Structural and Cohesion Fund instruments.

Important developments took place in our Africa business unit, which was significantly strengthened with the acquisition of Delta Partnership Solutions Limited (Delta) in March 2014. Delta is a specialist development consultancy, which we are now using as one of the platforms to drive our expansion in this market. Our work on the recently extended £18m Climate Resilient Infrastructure Development Facility in Southern Africa has been recognized with the award of 'Overseas Project of the Year' by the Association for Project Management.

With participation in the important DFID Security, Justice and Defense contract in Libya, WYG has once again proved its ability not only to win and deliver work in the most difficult FCAS environments, but also our flexibility and sector-leading duty of care solutions necessary to respond to changing clients' needs and security issues in the face of a rapidly deteriorating in-country situation.

In Asia, WYG continued to deliver a portfolio of multi-sector projects, with targeted business development throughout the region, and opportunities especially around the public financial management sector. The WYG Russian business, operating as a collaborative joint venture, delivered a steady stream of engineering and consultancy services to the mining sector.

The current period has brought the benefits to WYG of the earlier measures taken to diversify the business, so as to supplement its leading position on the European Union aid and Structural and Cohesion Funds markets, with other aid (especially DFID) and national public and private sector clients and targeted acquisitions. Since 1 January 2014, excluding the nuclear new build project in Poland, we have increased our order book from £32.9m to £34.4m. This has allowed the region to minimize the effect of the slow-down resulting from delays in the transition from the 2007-2013 to the 2014-2020 EU funding cycles. Following market development initiatives, Africa is now a major region of growth and our specialist FCAS skills and solutions will now be further leveraged for further market expansion.

MENA (12% of Group Revenue)

The MENA region (which includes Turkey) contributed revenue of £7.5m (H1 2013: £8.8m) with an operating profit before separately disclosed items and central overheads of £0.6m (H1 2013: £0.2m).

Our three major water and wastewater projects assisting the Turkish Ministry of Environment in the supervision and design of water and wastewater infrastructure to meet EU environmental standards, in Ordu, Siverek and Bulancak, are progressing well. In Ordu and Siverek, the construction of the wastewater treatment plants, which are the major components of the investment, have been completed and handed over. In Ordu and Bulancak the design and tender dossiers for the construction of the wastewater network have been completed by our teams and the related works tender procedures are ongoing, while in Siverek construction has now started.

In the period, we have won several major new framework contracts for Turkish government ministries and municipalities and, as we look to diversify and strengthen our presence outside the water and wastewater sector, we are pursuing opportunities in environmental fields such as solid waste, groundwater and marine pollution. We have recently been shortlisted for an EU project to provide technical assistance to a significant transport programme. In the private sector, following last year's UK-Turkey Healthcare event held by UKTI and British Expertise (and sponsored by WYG), we have been shortlisted by two major contractors to advise on high biosecurity laboratories and Environmental/ Social Impact Assessment services for their large health campus projects.

The six months to 30 September also proved successful for our socio-economic teams who have completed three large scale projects in the human resources development and employment sectors and are currently implementing seven major projects in diversified sectors not only in Turkey but also in Egypt. The team has won five new contracts contributing to an overall increase of 25% in the MENA region order book from £8.9m to £11.1m since 31 March 2014.

Although our work in Afghanistan has come to an end, our skills and knowledge in this area have been further recognised as we are now supporting the British Army's Royal Engineers in their ongoing overseas projects in Bahrain and Saudi Arabia.

Overall, whilst the MENA region has experienced a short period of declining revenue as a result of the tender processes for projects being extended, we are now seeing activity pick up rapidly on the projects we have recently won and expect that in 2015 our recent run of successful bidding activity will enable us to return to previous levels of activity, with good momentum into the following year.

Unaudited consolidated income statement

For the six months ended 30 September 2014

* Operating loss includes a number of items that are separately disclosed in note 4.

The accompanying notes to the Half Year Report are an integral part of this consolidated income statement.

Unaudited consolidated statement of comprehensive income

For the six months ended 30 September 2014

\* These items will not be reclassified subsequently to profit or loss.

Unaudited consolidated balance sheet

As at 30 September 2014

Unaudited consolidated statement of changes in shareholders' equity

For the six months ended 30 September 2013

For the six months ended 31 March 2014

Unaudited consolidated statement of changes in shareholders' equity (continued)

For the six months ended 30 September 2014

Unaudited consolidated cash flow statement

For the six months ended 30 September 2014

1. Company details

WYG plc is incorporated in the United Kingdom under the Companies Act and is registered in England & Wales with registered number 1869543. The address of its registered office is Arndale Court, Otley Road, Headingley, Leeds, LS6 2UJ. The Company's ordinary shares are traded on AIM, a market operated by the London Stock Exchange plc.

The principal activity of the Group in the period under review was that of international multi-skilled consultant. The Group's revenue derives mainly from activities in the UK, Eastern Europe, and Middle East & North Africa.

2. Basis of preparation

This condensed consolidated interim financial information for the six months ended 30 September 2014 should be read in conjunction with the financial statements for the period ended 31 March 2014, which are available on the Company's website at www.wyg.com, and have been prepared in accordance with IFRSs as adopted by the European Union. While the financial figures included in this half-yearly report have been computed in accordance with IFRSs are applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.

This condensed consolidated interim financial information was approved for issue on 2 December 2014.

This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2014 were approved by the Board of Directors on 3 June 2014 and delivered to the Registrar of Companies. The report of the auditor on those accounts was unqualified and did not contain any statement under Section 498 of the Companies Act 2006.

The condensed consolidated interim financial information has neither been reviewed nor audited.

3. Accounting policies

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2014, as described in those annual financial statements.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected annual earnings.

4. Detailed consolidated income statement

Details of separately disclosed items

The Group has incurred a number of items in the period and in the prior year, whose significance is sufficient to warrant separate disclosure. The key elements included within separately disclosed items are:

· Period charge in relation to share option costs

· Period charge for the amortisation of acquired intangibles

· Period charge for the Group's share of tax in relation to Joint Ventures has been disclosed separately in order to present profit before tax, a measure which WYG management uses for internal performance analysis. There were no Joint Ventures in the prior periods.

· Items included in other credits/(costs) in the prior period, relate to the release of unutilised restructuring and vacant leasehold provisions net of costs in relation to the bank refinancing and acquisition related costs.

5. Segmental information

IFRS 8 requires segment reporting to be based on the internal financial information reported to the chief operating decision maker. The Group's chief operating decision maker is deemed to be the senior management team comprising the Chief Executive Officer the Group Finance Director and the Group Commercial Director. Its primary responsibility is to manage the Group's day to day operations and analyse trading performance.

The Group's segments are detailed below and are those segments reported in the Group's management accounts used by the senior management team as the primary means for analysing trading performance. The Executive Committee assesses profit performance using operating profit measured on a basis consistent with the disclosure in the Group accounts.

The Group's operations are managed and reported by key market segments as follows:

· UK

· EAA (Europe, Africa and Asia)

· MENA (Middle East & North Africa including Turkey)

Central overheads previously included within segments in the prior period, have been identified separately. Comparative figures have been restated accordingly.

The segmental results for the six months ended 30 September 2014 are as follows:

5. Segmental information (continued)

The segmental results for the six months ended 30 September 2013 are as follows:

6. Finance costs

7. Tax

The tax charge for the period has been calculated by applying the Directors' best estimate of the effective tax rate for the year with consideration to the geographic location of the profits, to the loss before tax for the period.

8. (Loss)/earnings per share

The calculation of the basic and diluted (loss)/earnings per share is based on the following data:

In the six months to 30 September 2014 the number of shares used for the calculation of diluted adjusted earnings per share has been increased by 6,105,991 (2013: 5,802,640). For periods where the Group was loss making, dilution has no effect on loss per share.

9. Dividends

The interim dividend was approved on 1 December 2014 and as such has not been included as a liability in these financial statements.

The final dividend for the year ended 31 March 2014 was approved by the shareholders at the Annual General Meeting on 23 September 2014 and was paid on 3 November 2014. This has been included as a liability in these financial statements but was not recognised in the financial statements for the year ended 31 March 2014.

10. Business Combinations

In September 2014, WYG Environment Planning and Transport Limited, a wholly owned subsidiary of the Group, acquired 100% of the share capital of Alliance Environment and Planning Limited, a specialist planning practice with offices in Guildford, London, Birmingham and Bedfordshire.

The following table sets out the provisional fair value of the net assets acquired and the resulting goodwill:

11. Goodwill

Goodwill is tested for impairment at the interim and financial year end reporting dates and whenever there are indications that it may have suffered an impairment. Goodwill is considered impaired to the extent that its carrying amount exceeds its recoverable amount, which is the higher of the value in use and the fair value less costs to sell of the cash generating unit to which it is allocated. In the impairment tests of goodwill performed, the recoverable amount was determined based on the value in use calculations.

Management based the value in use calculations on cash flow forecasts derived from the most recent financial forecasts approved by the Board including certain sensitivities, in which the principal assumptions were those regarding sales growth and changes in direct costs.

Following the review at 30 September 2014, management decided that no further impairment was necessary.

12. Property, plant and equipment and intangible assets

13. Provisions, liabilities and other charges

13. Provisions, liabilities and other charges (continued)

Claims

Provisions are made for current and estimated obligations in respect of claims made by contractors and the general public relating to accident or other insurable risks as a result of the business activities of the Group.

Redundancy

Provision is made for current estimated future costs of redundancy and ex gratia payments to be made where this has been communicated to those employees concerned.

Vacant leasehold properties

The Group has a number of vacant leasehold properties, with the majority of the head leases expiring within the next five years. Provision has been made for the residual lease commitments together with other outgoings, after taking into account assumptions relating to later periods of vacancy.

14. Financial liabilities

The redemption liability relates to the discounted fair value of an option to purchase the remaining 25% of Arndale 22 Limited.

15. Cash generated from operations

16. Analysis of net cash

Cash and cash equivalents include £8,507,000 cash (2013: £16,931,000) and £138,000 overdrafts (2013: £1,134,000).

Restricted cash relates to restricted access accounts in WYG International Limited and cash held in joint operations.

Other non-cash movements represent currency exchange differences.

17. Related party transactions

There have been no changes in the nature of related party transactions as described in the 2014 Annual Report and Accounts and there have been no new related party transactions which have had a material effect on the financial position or performance of the Group in the period ended 30 September 2014.

18. Availability of the Half Year Report

Copies of the Half Year Report can be obtained from the Company's registered office at Arndale Court, Otley Road, Headingley, Leeds LS6 2UJ, and on the Company's website: www.wyg.com.