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Consultant engineer WYG has reported a significant rise in profitability in the first half of its 2013-14 financial year, although its profit was hit by finance charges.

In a statement to the City, the firm reported an operating profit before separately disclosed items of 拢1.7m for the six months to 30 September, up from just 拢66,000 over the same period of 2012.

The firm also reported a slight increase in revenue to 拢63.9m, up from 拢61.8m over the period.

However, the firm also incurred 拢2.2m of separately disclosed finance charges over the period - mostly comprised of share option costs 鈥� which, when added back in, pushed WYG to an operating loss of 拢447,000, deeper than its 拢254,000 loss, including similar charges, over the same period last year.

Chief executive Paul Hamer said the results showed the firm was 鈥渂uilding on the stability attained last year鈥� and the strategy for bringing the firm back to delivering profit was 鈥渂eginning to deliver the desired results鈥�.

He added: 鈥淭o build on the momentum achieved thus far, we are looking at a range of opportunities to invest organically and through selective, small acquisitions both in the UK and internationally, made possible by the group鈥檚 improving profit and cash position.

鈥淏ased on this improving position, we are confident of delivering full year results in line with recently upwardly revised market expectations, as we have clear momentum in securing new contract wins and are a diversified group with strong market positions in the geographies and sectors in which we operate.鈥�

The firm鈥檚 UK arm reported a slight dip in revenue to 拢35.4m from 拢37.6m.

But it reported an increase in operating profit to 拢300,000, up from an 拢800,000 operating loss over the period last year.

WYG reported that increases in housebuilding had offset the downturn of work in the retail sector.

In the infrastructure sector, WYG is currently working for the Defence Infrastructure Organisation on its 拢1.6bn programme of moving and redeveloping army bases; it is also working for EDF on transport planning for its new nuclear power plant at Hinkley Point and for the Nuclear Decommissioning authority across a range of sites.

It reported its UK order book had grown by nearly 拢10m to 拢39.2m over the period.

WYG鈥檚 Europe Africa and Asia division reported a rise in revenue to 拢19.8m, up from 拢17m over the period and an increase in operating profit to 拢1.2m, up from 拢600,000 over the period.

It鈥檚 Middle East and North Africa division reported an increase in revenue to 拢8.8m from 拢7.2m over the period but a drop in operating profit to 拢200,000 from 拢300,000.