WYG returns to profit and looks to start hiring again

Grant Prior 11 years ago

Consultant WYG has returned to making an operating profit marking a “very significant milestone in the turnaround of the group” following a turbulent few years.

Former Halcrow director Glen Thorn has also been promoted from managing director of the Buildings & Infrastructure business to run the whole UK region of WYG.

The consultant is also hiring again and has appointed Karen Brookes from the Government Procurement Service as its new HR director.

Results for the six months to September 30 2012 show WYG made an operating profit of £300,000 compared to a loss last time of £2.3m on revenue down to £61.8m from £68.5m.

WYG shut its loss making business in the Republic of Ireland during the period and restructured its transport business in the UK.

Margins improved in the UK “as a result of the better project and commercial disciplines introduced over the past two years and the reshaping of the Group’s asset base” but the operation still made a loss of £7000,000.

The Irish closure led to a fall in staff numbers to 1,282 from 1,325 in March.

Paul Hamer, Chief Executive Officer of WYG, said: “As we guided earlier in the year, I am delighted to confirm that WYG has made an operating profit in the six month period ended 30 September 2012, marking a very significant milestone in the turnaround of the Group.

“Despite continued challenging conditions in the UK, we have secured good quality new business across our key sectors and we are developing a strong pipeline of international opportunities in both the public and private sectors, underpinning the Group’s long term growth prospects.

“Trading in the first half, and since the period end, has been in line with our own expectations and market forecasts for the full year.

“We look forward to making further progress as we realise the benefits of legacy cost savings and focus on creating higher quality revenues through the delivery of our Global Integrated Strategy.”



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