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24/11/2017
WYG Issues Profit Warning And Revises Financial Expectations
Industry consultancy WYG has revealed it expects financial expectations to be "substantially lower" than it predicted for this year.
In a trading update, the Board said it has further revised its expectation of operating performance over the remaining months of the financial year and now anticipates operating profit for the full year to be "in the range of £3.5m to £4.0m, with net debt expected to be in the region of £6.0m to £7.0m".
WYG said its International Development business is "performing broadly in line with previously revised expectations".
"However, our Consultancy Services business has continued to experience lower trading volumes than anticipated as a result of the loss or delay of certain new contracts we had previously expected to win in the current period, and significantly lower than anticipated volumes of work under certain major framework contracts," the Board stated.
"This has led the Board to take a more cautious view of trading performance for the remainder of the financial year."
Douglas McCormick, Chief Executive Officer of WYG, said: "Although it is very disappointing to be making a further announcement revising expectations of WYG's near term performance, the Board is confident that the underlying business is robust and that, supported by a strong order book, we are taking the correct steps to return to a growth trajectory in the medium term."
(LM/MH)
In a trading update, the Board said it has further revised its expectation of operating performance over the remaining months of the financial year and now anticipates operating profit for the full year to be "in the range of £3.5m to £4.0m, with net debt expected to be in the region of £6.0m to £7.0m".
WYG said its International Development business is "performing broadly in line with previously revised expectations".
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"However, our Consultancy Services business has continued to experience lower trading volumes than anticipated as a result of the loss or delay of certain new contracts we had previously expected to win in the current period, and significantly lower than anticipated volumes of work under certain major framework contracts," the Board stated.
"This has led the Board to take a more cautious view of trading performance for the remainder of the financial year."
Douglas McCormick, Chief Executive Officer of WYG, said: "Although it is very disappointing to be making a further announcement revising expectations of WYG's near term performance, the Board is confident that the underlying business is robust and that, supported by a strong order book, we are taking the correct steps to return to a growth trajectory in the medium term."
(LM/MH)
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