WYG Plc Trading Update and Notice of Results (1428J)
28 March 2018 - 5:00PM
UK Regulatory
TIDMWYG
RNS Number : 1428J
WYG Plc
28 March 2018
28 March 2018
WYG plc
("WYG" or "Company")
Trading Update and Notice of Results
WYG, the global project management and technical consultancy,
today provides the following trading update ahead of the Group's
financial year end on 31(st) March 2018.
The Board expects revenue and operating profit (before
separately disclosed items and share-based payments) for the year
to be in line with current market expectations of GBP155m and
GBP3.5m respectively. Net debt at the year-end is expected to be
broadly in line with market expectations.
Separately disclosed costs (including share based payments and
amortisation of intangible assets) for the year are expected to be
approximately GBP8.5m. In addition to the increased charge for PII
claims we referred to in December 2017, separately disclosed items
are also expected to include approximately GBP3.2m of costs
relating to the closure of the real estate advisory business we
acquired in October 2015, including GBP2.2m relating to the write
down of acquired intangible assets.
The Group's order book of secured contracts as at 28 February
2018 was GBP162m.
Our expectations for the financial year ending 31(st) March 2019
are that revenues will be at a similar level to this year and that
the business will make a modest improvement in the level of
operating profit as we start to see the benefit of actions taken to
improve the efficiency and profitability of the business. We will
provide a more detailed update on trading in the final results for
the year ending 31(st) March 2018 which are expected to be released
on 5(th) June 2018.
Douglas McCormick, Chief Executive Officer of WYG,
commented:
"Our current trading performance is in line with recent market
expectations and we are working hard to move the business to an
improved and more sustainable level of profitability for the
future. I am encouraged by the progress being achieved through a
number of distinct actions we are taking to improve the efficiency
and effectiveness of our operations. We are therefore maintaining a
cautious but progressive outlook for the coming financial
year."
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 / Pete Lambie 3128 8570
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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