WYG Plc AGM Statement & Trading Update (0216A)
September 24 2015 - 2:00AM
UK Regulatory
TIDMWYG
RNS Number : 0216A
WYG Plc
24 September 2015
24(th) September 2015
WYG plc
Trading Update
WYG plc (WYG or the Group), the global programme, project
management and technical consultancy, today provides an update on
trading for the six month period ending 30(th) September 2015. The
Group's Annual General Meeting (AGM) takes place at 10.00am today,
24(th) September, and its half year results are expected to be
announced on 3(rd) December 2015.
Trading update
At the AGM the Chairman will make the following statement:
I am pleased to report that the Board expects profit before tax
for the full year to be in line with recent market guidance.
During the first half of the year the Group has delivered a very
strong performance in its UK business, underpinned by continuing
economic growth and infrastructure spending which are the main
drivers of our core front-end planning and consultancy business.
Our expectation is that this will continue for the remainder of the
year.
Significantly, our UK order book, which includes only fully
secured projects, is up 15% on the figure we reported as at 31
March 2015. Pleasingly, not only is our order book increasing, it
is also growing at a faster rate. This reflects an improving bid to
win ratio on long term frameworks and the increasing flow of work
from major public and private sector clients. The relatively short
term nature of a large proportion of our UK order book means that
work translates into revenue more quickly than in other regions,
which gives us good near term visibility.
The delay in the ramp up in the EU funding cycle has been
well-documented. However, as the period has progressed a large
proportion of our EU-related pipeline has converted into firm
project wins, such that at the half year our International
businesses have delivered an even greater increase in order intake
than in the UK, up more than 20% on the figure reported as at 31
March 2015. A meaningful proportion of these wins represent
multi-year projects that will drive performance as we go into the
second half of the year and for several years beyond.
As a consequence of the delayed ramp up in EU funding both
revenue and adjusted profits before taxation at the half year will
be broadly unchanged from the equivalent period last year. However,
with exceptionally high order coverage in place, we anticipate
posting strong growth during the second half resulting in a full
year outcome in line with our expectations.
We continue to review a pipeline of acquisition opportunities
and we expect some of these to progress, although the timing is
hard to predict. Earlier in the year we put in place a new GBP25m
five-year committed facility with HSBC; the flexibility that this
facility has given will enable the Group to pursue such
acquisitions and support growth in its core activities.
ENDS
WYG plc Tel: 0113 278 7111
Paul Hamer, Chief Executive Officer
Sean Cummins, Group Finance Director
MHP Communications Tel: 020 3128 8100
John Olsen / Katie Hunt / Ollie Hoare
N+1 Singer Tel: 020 7496 3000
Sandy Fraser / Nick Owen
WH Ireland Limited Tel: 0113 394 6600
Andrew Kitchingman / Liam Gribben
This information is provided by RNS
The company news service from the London Stock Exchange
END
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