WYG Regulatory News (WYG)

8 May 2008 07:01

White Young Green PLC08 May 2008 For immediate release 8 May 2008 WHITE YOUNG GREEN PLC Interim Management Statement White Young Green (WYG) Plc, the multi skilled consultancy, operating across thebuilt, natural and social environment today provides its Interim ManagementStatement which covers the period from 1 January 2008 to date. Trading Trading during the period has been positive and performance remains in line withexpectations. The Group has continued to see strong demand across all businesssectors and is particularly pleased to have secured a number of significantprojects including: • Project management of the 15,000 housing stock transfer from Liverpool City Council to Liverpool Mutual Homes. Project spend is around £300m on improving homes and services. In addition a further contract was secured to project manage the development of Clapham Junction for Delancey/Land Securities which has a capital value of £400m. • Infrastructure projects in Ireland totalling €10m, secured by PH McCarthy, the most recent being an appointment by Cork County Council to work on the N20 highway improvement scheme • A number of appointments for socio-economic and technical projects in Eastern Europe and Africa The three acquisitions made in the first half of the financial year, Savell Birdand Axon, IMCL and PH McCarthy are all performing well and are successfullyintegrating into WYG. Financial Position Since December 2007 the Group has paid additional cash consideration onacquisitions of £6.2m, has continued with its capital improvement programme andis proactively managing and improving its working capital position. Taking intoaccount these factors and the normal seasonality of the business, net debtremains in line with expectations and is expected to be £75m at the year end. Senior Appointments In addition during the period, WYG has strengthened its leadership team. The Board is pleased to announce that Paul Hamer will join the Board of WYG Plcas Chief Operating Officer on 1st July 08. Paul is Managing Director of VTNuclear Services, part of the VT Group Plc.. He previously held seniorpositions in the contracting, oil, chemical and petrochemical sectors and bringswith him over 20 years experience in business management, leadership and projectdelivery. As COO of WYG Plc, Paul will have a critical role working with the CEO, Boardand Business Unit Managing Directors to provide operational leadership, ensurebest practice excellence across the business and build on the existing strengthsof the operational management team. In addition the Executive Committee of the Company has been enhanced by theappointment of Philip Collard as Business Development Director and DavidCrichton-Miller as Managing Director of Environment, Planning and TransportPlanning. Philip will provide strategic direction and co-ordination of businessdevelopment and business building activity across the WYG Group. He formerlyran his own marketing and business development consultancy. David is an experienced business leader having held senior operational andstrategic roles in a range of professional services organisations includingMcKinsey, Amey Plc and Mouchel Plc. Awards In March, WYG was recognised for its outstanding business performance with theNew Civil Engineer (NCE) magazine and Association of Civil Engineer's (ACE's)prestigious and coveted Major Consultant of the Year Award Peter Wood, Chairman of WYG, commented: "I am very pleased with the progress made in the year to date both in terms oftrading and in the recruitment of talented individuals who will contributepositively to the ongoing development of the Group." For further information, please contact:WHITE YOUNG GREEN PLC Tel: (0113) 278 7111Lawrie Haynes, Chief Executive OfficerBob Hartley, Finance Director BUCHANAN COMMUNICATIONS Tel: (020) 7466 5000Tim Anderson / Rebecca Skye Dietrich This information is provided by RNS The company news service from the London Stock Exchange