WYG returns to profit in the UK

Aaron Morby 8 years ago
Share

Consulting engineer WYG’s UK operations have returned to profit after several difficult years.

The turn around helped to lift adjusted group pre-tax profit from around £700,000 last time to £4.2m in the year ending March 2014.

WSP focused on securing quality work and as a result saw group turnover remain flat at £127m.

The UK region generated revenue of £73m with an operating profit before separately disclosed items of £1.9m, compared to a £200,000 loss last time.

Paul Hamer, chief executive officer, said: “WYG is now in better shape than it has been for several years, with a highly differentiated consultancy offering, a financial structure which fully supports its potential, and clear momentum in its order book. ”

“The emphasis this year has been on improving the quality of the top line and therefore the overall profitability of the group.

“Although we have seen only a modest increase in revenues, acute focus on project selection and delivery combined with a further reduction in overhead costs has enabled us to deliver on this challenge.”

He added that profit expectations werer upgraded twice during the year and net margins have continued to strengthen.

“The widely reported improving trading environment in the UK has driven increased activity in many of our sectors and we see the outlook for consultancy as encouraging, albeit with some variability regionally and with pricing remaining competitive.”

Major longterm framework agreements for key clients now underpin the consultancy business.

The firm was re-appointed on key framework agreements with the Northern Ireland CPD and Sainsbury’s.

It also won places on new frameworks with the NHS, Defence Equipment & Support Technical Services Team within the Ministry of Defence and Royal Mail.

Today WYG also secured a new major three-year programme worth up to £28m to support the Libyan security and justice sector.

A new £15m trade finance facility has been agreed by Santander significantly reducing WYG’s interest payments.

Latest news

W Stirland set for administration after nearly 100 years of trading

Family-run south coast firm has been building since 1928
10 hours ago

BAM UK delivers steady first half growth

UK profit up 16% to around £40m from revenue at £1bn
10 hours ago

Crane hirer M&M enters voluntary liquidation

Family-owned mobile crane ceases trading amid soaring costs and depressed hire rates
10 hours ago

£161m funding for Oxford Railway station revamp

Kier to deliver first project under the new Rail SPEED initiative
10 hours ago

VolkerFitzpatrick wins 240km wind farm cable job

Contractor lands connections deal from energy giant Ørsted
10 hours ago

Seddon Construction returns to profit

Plan to target more diverse work pays off as construction revenue rises 27% to £166m
10 hours ago

Faults found on giant HS2 green tunnel segments

"Quality issues" found on precast segments at HS2 site pioneering off-site construction
1 day ago

Balfour Beatty UK construction returns to profit

Group profits double to £82m in first six months after construction arm bounces back
1 day ago

Bidding starts for £4.5bn Southern Construction Framework

5th generation deal includes new £1m-£5m lot for south west
1 day ago

Persimmon expands output at off-site factories

Housing giant hits 31% profit margin with another £750m returned to shareholders
1 day ago

Modular specialist Algeco lands £31m MoD double

Construction to start this year on two new sets of army barracks
1 day ago

Hill gets go-ahead for North London estate rebuild

750 homes to be built at Douglas Bader Park estate in Colindale
2 days ago

Bid race for £210m Huddersfield town centre revamp

Kirklees Council's Cultural Heart scheme will be split into two major projects
2 days ago

£100m Darlington Station revamp enabling works start

Willmott Dixon set to deliver major station upgrade project
2 days ago

Demolition worker gets huge payout after losing leg

Compensation settlement will fund latest prosthetic limb technology for site victim
2 days ago

Plant hirer Vp abandons sale plan

Chairman Jeremy Pilkington says the plant hirer failed to find a suitable new owner.
2 days ago

Turner & Townsend on board for Sheffield Supertram upgrade

Consultant to help deliver programme over next seven years after £570m funding deal
2 days ago

Green light for new £33m Ipswich logistics park

Construction to start this October on latest Trebor Developments site
2 days ago

Piling starts on pioneering double composite HS2 viaduct

Wendover Dean Viaduct ‘double composite’ structure will halve carbon emissions
2 days ago

ISG pauses work on £300m gigaplant

Construction work rescheduled to reduce costs at giant car battery plant
3 days ago

Tory leadership battle delays bidding for HS2 phase 2a

Prequalification for £5.2bn-£7.2bn route to Crewe put back to September
3 days ago

Greswolde Construction goes under

Solihull contractor ceases trading with 24 jobs lost
6 days ago

Hanson on track for UK’s first net zero cement works

20 carbon capture projects shortlisted for £1bn funding
3 days ago

Plan in for Nottingham 967-room student scheme

Vita submits plan for second major purpose built student sh
3 days ago

Galliford Try gets go-ahead for next A47 dualling job

Early 2023 start for £200m section of A47 between North Tuddenham and Easton in Norfolk
3 days ago

Designs revealed for £1bn London Blackfriars tower blocks

Fosters design landmark green office skyscraper and two blocks of flats for Southwark site
6 days ago

Everton stadium job still on budget despite inflation

Club and Laing O'Rourke confident they can still build new ground for £500m
6 days ago

Construction output falls 1.4% halting 7-month growth spurt

Fresh output and orders figures confirm summer construction slowdown
6 days ago

McLaren gets green light for £85m build-to-rent scheme

Construction set to start this autumn on major city centre development
6 days ago

BAM limbers up for £25m Bedworth leisure centre

Pioneering Warwickshire health and fitness hub to start this autumn
6 days ago

Contractor services