WYG Regulatory News (WYG)

26 March 2015

WYG plc

Trading Update

WYG plc ("WYG"), the global programme, project management and technical consultancy, announces a trading update for the year ending 31 March 2015. 

The Board is pleased to announce that trading during the second half of the financial year has continued in line with management expectations. The Board therefore confirms that, as stated in our Trading Update on 11 September 2014, we expect the Company's operating profit for the full year will be modestly ahead of £5.25m.

Paul Hamer, Chief Executive Officer of WYG, said:

"This has been another strong year for WYG. As announced on 10 March, we are enjoying strong success with both winning contracts under seven major frameworks that WYG was awarded places on last year and in securing places on new frameworks. Our focus on bidding less and bidding bigger to win more is supporting a strong win rate which we believe will serve us well as we focus on converting a healthy pipeline of UK and international opportunities and continuing to win places on further frameworks."

We will provide a further update on trading and the strategic review when we release the Group's final results for the year ending 31 March 2015 on 9 June 2015.

As announced on 26 January 2015, the Board of WYG is undertaking a strategic review of the options available to it and, as a consequence, is now considered to be in an "Offer Period" as defined in the City Code on Takeovers and Mergers (the "Takeover Code").

WYG Profit Forecast under Rule 28 of the Takeover Code

On 11 September 2014, WYG published an Acquisition and Trading Statement. Included in the statement was a trading update referring to anticipated operating profit for the full year ending 31 March 2015 which constitutes a profit forecast ("Profit Forecast") for the purposes of Rule 28 of the Takeover Code.

Pursuant to Rule 28.1(c) of the Takeover Code, the Profit Forecast is set out below.

"Trading Update

Operating profit at the half year is expected to be more than 10% higher than the corresponding period last year and, on the basis of the developments described above, we anticipate that operating profit for the full year will be modestly ahead of current market consensus figure of £5.25m."

The Directors of WYG hereby confirm that the Profit Forecast remains valid, has been properly compiled on the basis of the assumptions stated below and that the basis of accounting used to prepare the Profit Forecast is consistent with WYG's accounting policies.

Assumptions

The Directors of WYG prepared the Profit Forecast:

(a) on the basis of the following assumptions:

(i) that there are no unexpected, adverse events on major projects which would have a material impact on WYG's financial results;

(ii) that there would be no acquisitions or disposals which would have a material impact on WYG's financial results;

(iii) that there would be no macro-economic or other event which would have a material impact on WYG's financial results,

(b) taking into account the principal risks and uncertainties described in WYG's annual results for the year ended 31 March 2014, which were published on 15 July 2014.

ENDS

WYG plc Tel: 0113 278 7111

Paul Hamer, Chief Executive Officer

Sean Cummins, Group Finance Director

MHP Communications Tel: 020 3128 8100

John Olsen / Katie Hunt / Vicky Watkins / Ollie Hoare

N+1 Singer Tel: 020 7496 3000

Sandy Fraser / Nick Owen

WH Ireland Limited Tel: 0113 394 6600

Andrew Kitchingman / Liam Gribben