Consultant posts 拢745,000 pre-tax loss in six months to the end of September, but hails operating profit as 鈥榤ilestone in turnaround鈥�

Paul Hamer

Consultant WYG fell into the red in the six months to the end of September making a pre-tax loss of 拢745,000, down from a pre-tax profit of 拢38.7m over the same period last year.

The firm鈥檚 revenue fell from 拢68.5m in the six months to the end of September 2011 to 拢61.8m over the period. Its revenue in the UK also fell from 拢35.1m to 拢32m.

Paul Hamer, chief executive of WYG, said the results were in line with expectations and hailed an operating profit before exceptional items of 拢300,000 as a 鈥渕ilestone in the turnaround of the group鈥�.

However, the exceptional items, which included a 拢1.3m share option cost, pushed the group to an operating loss of 拢66,000 which combined with finance costs of 拢679,000 resulted in a pre-tax loss of 拢745,000.

Hamer said: 鈥淒espite continued challenging conditions in the UK, we have secured good quality new business across our key sectors and we are developing a strong pipeline of international opportunities in both the public and private sectors, underpinning the group鈥檚 long term growth prospects.鈥�

Mike McTighe, chair of WYG, said the firm was focused on enhancing its offering to clients through early engagement; greater internal and external integration on projects and focusing on its seven core markets. He said the firm鈥檚 core markets were: defence and justice, energy and waste, environment, transport, mining and minerals, urban and commercial development, and social development and infrastructure.

The firm saw revenue in its Eastern Europe business fall from 拢18.9m to 拢15.1m over the period but revenue from the Middle East, North Africa and Turkey was flat at 拢6.7m. Plus, revenue from the rest of the world grew from 拢700,000 to 拢800,000.

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