Technical consultancy WYG has reported a fall in pretax profit in its latest results for the year to 31 March 2017.
Pretax profit fell from 2.2m to £1.6m on revenue that rose by 14% to £151.8m, up from £133.5m a year earlier, with second half revenues up 10% to £78.3m.
WYG said trading in the current financial year is in line with expectations, with good revenue growth coming through in the UK.
Last week, the company also unveiled deals worth around £50m over the next three years in the UK and Africa. It said it had an expanded role as a delivery partner with Ministry of Defence, which could result in revenues doubling from a tie-up with the MoD’s infrastructure arm.
In its results WYG has also announced a new chief executive officer and chairman with Douglas McCormick appointed as new chief executive to take over from Paul Hamer, who is leaving to join Sir Robert McAlpine.
McCormick was most recently chief executive of Sweett Group.
The group also confirmed the appointment of Jeremy Beeton to succeed Mike McTighe as its chairman with effect from its annual general meeting scheduled for 21 September.
Outgoing chief executive Hamer said a number of project delays and deferrals in the final quarter meant the company did not quite meet the expectations it had originally set at the beginning of the year.
“Despite a temporary curtailment in the process of formalising some contractual commitments as a result of the UK general election, we have started the current year well having already won a significant contract in Africa and places on two major UK frameworks.
“The opportunities we are seeing in our core consultancy services and international development markets, combined with our initiatives to drive efficiency and resilience across the group, leave us in a strong position from which to deliver good growth in the current year.”
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