Consultant buys planning specialist and announces profit upgrade
WYG has bought planning consultant Alliance Environment and Planning for 拢3.2m and has upgraded its profit expectations for the full-year, the firm said in a half-year trading statement this morning.
WYG said the acquisition of Alliance would grow its total number of planning consultants to 100, making it 鈥渙ne of the largest [planning] teams in the UK鈥�.
Guildford-based Alliance turned over 拢2.7m and made a pre-tax profit of 拢538,614 in the year to 31 July 2013.
The consultant also has offices in London, Birmingham and the east of England and has clients including Frasers Property, Henry Boot, Persimmon Homes, Telereal Trillium and several housing associations, city and county councils.
WYG will pay half of the acquisition cost upfront and half a year from completion of the deal.
WYG also raised profit expectations after it enjoyed improved trading in the first-half period to 30 September 2014.
The firm鈥檚 order book grew 10% over the period to 拢95.5m, as the firm鈥檚 European business began to recover 鈥渇ollowing the finalisation of the European budget鈥�, to supplement 鈥渁 buoyant UK market鈥�.
WYG said operating profit for the half-year will be 10% higher than last year, when it made a 拢1.7m operating profit before 拢2.2m of exceptional finance charges, and a 拢447,000 operating loss once those were factored in.
The firm said operating profit for the full-year will be 鈥渕odestly ahead of current market consensus figure of 拢5.25m鈥�.
WYG confirmed that it will seek shareholder approval at its annual general meeting on 23 September to resume dividend payments.
Paul Hamer, chief executive of WYG, said: 鈥淭his acquisition, together with recently announced major project wins, represents a further significant step in WYG鈥檚 growth journey.鈥�
No comments yet