24 Nov 2017 07:00
24 November 2017
WYG plc
("WYG" or "Company")
Trading Update
WYG, the global programme, project management and technical consultancy, today provides the following trading update.
The Board has further revised its expectation of operating performance over the remaining months of the financial year and now anticipates that operating profit (before separately disclosed items and share based payments) for the full year will be substantially lower than current market expectations and in the range of £3.5m to £4.0m, with net debt expected to be in the region of £6.0m to £7.0m.
Our International Development business is performing broadly in line with previously revised expectations. However, our Consultancy Services business has continued to experience lower trading volumes than anticipated as a result of the loss or delay of certain new contracts we had previously expected to win in the current period, and significantly lower than anticipated volumes of work under certain major framework contracts. This has led the Board to take a more cautious view of trading performance for the remainder of the financial year.
Our Half Year Results will be reported on 5 December 2017.
Douglas McCormick, Chief Executive Officer of WYG, commented:
"Although it is very disappointing to be making a further announcement revising expectations of WYG's near term performance, the Board is confident that the underlying business is robust and that, supported by a strong order book, we are taking the correct steps to return to a growth trajectory in the medium term."
This announcement contains inside information for the purposes of
Article 7 of Regulation (EU) 596/2014.
Contacts:
WYG plc Douglas McCormick, Chief Executive Officer Iain Clarkson, Chief Financial Officer
| Tel: 0113 278 7111 |
MHP Communications Katie Hunt / Ollie Hoare
| Tel: 020 3128 8100 |
N+1 Singer Sandy Fraser / Rachel Hayes / James White
| Tel: 020 7496 3000 |
WH Ireland Limited Tim Feather / Ed Allsopp
| Tel: 020 7220 1666 |
ENDS
NOTES TO EDITOR
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.