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WYG has seen first half trading slump to a loss of 拢2.8m, with the finger of blame being pointed at a series of mishaps at its consultancy services division.

The consultancy, which saw former Sweett Group boss Douglas McCormick (pictured) join the firm as chief executive in June this year, had issued a second profit warning last month. It said profits for the year could be 鈥渟ubstantially below鈥� market expectations.

At the time, WYG said it anticipated its operating profit for the 12 months to April 2018 to be between 拢3.5m and 拢4m.

Turnover in the first half rose 4% to 拢76.2m, while WYG said the net debt figure of 拢10m at the end of the first half was expected to fall to between 拢6m and 拢7m by the year end, next June.

Confirming the loss, versus a pre-tax profit of 拢800,000 a year ago, WYG confirmed its consultancy services operation had not grown in line with expectations set out at the beginning of the year. Delays to projects and the loss of work was to blame, it said.

The firm鈥檚 consultancy services business accounts for three quarters of the firm鈥檚 revenue.

WYG said its international development operation saw turnover rise nearly 20% to 拢19.3m, with gross operating profits up 44%.

McCormick 鈥� who replaced Paul Hamer, who left to head up Sir Robert McAlpine earlier this year 鈥� said the results had been 鈥渄isappointing鈥�, although he claimed there had been 鈥減ositives鈥�.

鈥淲e continue to anticipate a stronger second half, consistent with our historical seasonal trading pattern and our guidance in November.鈥�

He said the firm was 鈥渢aking the correct steps to return to a growth trajectory鈥� and added: 鈥淚mportantly, revenue is up on the comparative period and we are seeing major projects in both our principal business streams start to mobilise, albeit some months later than originally expected.鈥�