WYG loses 620 jobs as restructuring cuts losses

Grant Prior 14 years ago
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Consultant WYG cut 620 jobs during the last financial year and had to pay out more than £8m in redundancy packages and the cost of closing down regional offices.

The jobs cull was part of a major restructuring at the firm which saw it cut pre-tax losses to £21.9m for the year to June 30 2010 from £128.9m last time.

Revenue was down from £261.6m to £220.6m but overseas revenue soared by £12.5m to £65.3m as WYG looks to expand in foreign markets.

WYG is restructuring along business groups rather than regional boundaries.

Chief executive officer Paul Hamer said: “We began the process of reshaping our operations from a geographic business unit structure to one based on capability such that each area of activity is managed on a global basis.

“Our ambition is that the Group operates in a seamless and “boundary-less” manner on a global platform across all our operations to meet the needs and ambitions of our clients.”

WYG will be focused and report in four key global market segments – Buildings & Critical Infrastructure; Transport Solutions; Energy, Sustainability & Environment; and Risk & Assurance Services.

Hamer said: “Although domestic markets have been and remain very challenging, we continue to support and grow strong relationships with our existing domestic clients.

“Whilst we expect domestic markets to remain very challenging and unpredictable for the foreseeable future, we are encouraged by the way in which some important overseas markets for our services are growing and this should partially mitigate the effect of the difficulties in the UK and Irish markets.

“Looking ahead, our ambition is to continue on our journey which will see us offering technical expertise across global markets and to capture market share by serving our existing and new clients well in each of our chosen markets.”

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