WYG Plc Trading Update and Notice of Results (1428J)

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

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March 28, 2018 02:00 ET (06:00 GMT)