WYG Regulatory News (WYG)

3 Jul 2008 07:00



White Young Green Plc ("WYG")

Pre Close Statement

White Young Green Plc ("WYG"), the multi-skilled consultancy, operating across the built, natural and social environment is today issuing a pre-close trading update for the full year ending 30 June 2008.  

Trading in the period has continued to be strong and performance remains in line with the Group's expectations. 

The Group has continued to be successful in securing a broad range of work across a variety of market sectors and geographies in which it operates. Recent projects won include:

€15m (£11.8m) appointment by the European Commission to lead a major EU funded initiative in the Western Balkans. The purpose of this project is to support the development and funding of high quality infrastructural remediation and improvement projects in Albania, Croatia, Kosovo, the Former Yugoslav Republic of Macedonia, Montenegro and Serbia in the energy, transport, environment and social infrastructure sectors;

Appointments from Network Rail to a value of £4.5m including station condition surveys, South West platform extensions and roof refurbishment at Edinburgh Waverley station; and 

Appointments in the education sector including Nailsea School in North Somerset with Carillion under the Government's 'Building Schools for the Future' programme which has a fee value of £0.7m and a number of colleges of further education in the North West of England including Blackburn and Winstanley which have a fee value of £0.8m.

The Group also confirms that it has reached agreement with HM Revenue & Customs in respect of its claim for Research and Development Tax Credits and expects to reduce the charge to taxation for the year ending 30 June 2008 by approximately £1.5m. The ongoing impact is expected to be to reduce the charge to taxation by approximately £0.35m per annum.

Net debt continues to be a key focus for the Group.  Net debt at the year end is expected to be no greater than £73m, an improvement on the earlier expectation of £75m.

Demand for WYG's services continues to hold up well and management are currently directing resource to those areas of the economy in the UK, Ireland and internationally which are experiencing strong growth. The Board is aware of the difficulties in the wider economic climate, particularly in the UK, but with its breadth of service offering and strong and diverse client base, is approaching the new financial year with confidence.

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