WYG shares fall on lower revenues as loss narrows

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WYG shares fall on lower revenues as loss narrows
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AIM-listed project manager WYG (LON:WYG) has announced revenues of £75.3 million for the six months ended 30th September, a drop from the £76.2 million level achieved last year. Despite this, the pre-tax loss for the period fell to £0.8 million from £2.8 million.

Chief Executive Douglas McCormick commented: “It has been a tough six months but we have delivered results in line with market expectations and we have made substantial progress towards creating a more stable and efficient business platform.

“There remains plenty of scope to build on this platform and to develop our business as the UK government continues to invest in infrastructure, housing, and the defence estate, the prime drivers of our UK business; and, through the UK’s ring-fenced overseas development budget and the commitment of international financial institutions to expand our international business.

“In the past six months I have met a significant number of our clients, completed a second tour of all our major offices and listened to the views of WYG’s highly-skilled staff. Their feedback gives me confidence that WYG is a sound business and that we are taking appropriate steps to return it to growth. In the near term, we expect a stronger second half, in line with market expectations and consistent with our long-term seasonal trading pattern.”

WYG’s share price dropped by 3.30% to 42.55p (as of 10:30 GMT).



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