WYG Plc Trading Update (4122X)
24 November 2017 - 6:00PM
UK Regulatory
TIDMWYG
RNS Number : 4122X
WYG Plc
24 November 2017
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 GBP3.5m to GBP4.0m, with net debt expected to be in the
region of GBP6.0m to GBP7.0m.
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 Tel: 0113
Douglas McCormick, Chief Executive 278 7111
Officer
Iain Clarkson, Chief Financial Officer
MHP Communications Tel: 020
Katie Hunt / Ollie Hoare 3128 8100
N+1 Singer Tel: 020
Sandy Fraser / Rachel Hayes / James 7496 3000
White
WH Ireland Limited Tel: 020
Tim Feather / Ed Allsopp 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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