Consultancy kicks off search to replace Iain Clarkson
WYG has announced the departure of its finance director just weeks after it warned that its profit for the year would be 鈥渕aterially below鈥� market expectations.
The troubled consultancy firm told the Stock Exchange Iain Clarkson had resigned with immediate effect and it would now seek to recruit a new chief financial officer.
In the meantime senior managers within the group financial team would report to the board through chief executive Douglas McCormick (pictured).
Earlier this month WYG warned that its profit for 2018/19 would be hit by delays to a number of projects in the UK.
Its consultancy services arm, which generates 75% of turnover and is heavily UK-centric, had seen delays in investment decisions on a number of projects and activity being deferred on existing schemes.
Last year the firm reported an annual loss of 拢5.3m, compared with a profit of 拢1.6m a year earlier and in its half year results for the six months to September 2018 announced in December it said turnover had slipped by 拢1m to 拢75.3m, with pre-tax losses coming in at 拢755,000 versus a deficit of 拢2.8m last time.
WYG鈥檚 shares fell 42% on the profit warning announcement on 13 February and were trading today at 15p, 5% down on yesterday鈥檚 closing price.
In January, Leeds-based WYG announced it would be moving its corporate headquarters (pictured) this summer from its current base in the city鈥檚 Headingley district to the 3 Sovereign Square development in the centre of the city.
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