黑洞社区

WYG has announced a 14% hike in annual turnover and a 22% increase in operating profits, as it bids farewell to chief executive Paul Hamer, who is set to join Sir Robert McAlpine at the end of July.

The consultancy announced today that Douglas McCormick (pictured), recently the chief executive of Sweett Group, would take over from Hamer on 12 June.

On the results front, WYG said turnover, including joint venture activities, rose to 拢107.6m in the year to 31 March 2017, while adjusted operating profits were up 22% to 拢8.8m. Pre-tax profits fell from 拢2.2m to 拢1.6m, with adjusted profits before tax up 17% to 拢8.2m.

Operating margins grew to 5.8% from 5.4%, while the group said its order book was slightly higher, up 1.4% at 拢145m. Within that figure the UK order book was up 4%, reflecting what WYG called the 鈥渃ontinuing strength of infrastructure and planning markets鈥�.

Operating cash flow rose from 拢2.4m last year to 拢8.4m, boosted by what finance chief Iain Clarkson told 黑洞社区 was a 鈥渟print to the finish鈥� towards the end of the financial year.

UK operations, which represent nearly three quarters of the group鈥檚 activities, saw a 12% rise in revenues to 拢107.6m, with the general election said to have 鈥渢emporarily delayed鈥� the awarding of some projects.

Overseas, WYG reported an 80% increase in revenues at its Middle East & North Africa including Turkey business to 拢23.8m, boosted by EU-funded projects, while a 15% reduction in revenues in Europe, Africa & Asia reflected the results in its Polish operation, which were partially offset by growth in Africa and rest of the world.

Speaking about the figures, Hamer said the business had not quite met the expectations it had set itself at the beginning of the year, although it had started the new financial year well, despite the distraction of this week鈥檚 general election.

鈥淭he 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,鈥� he added.

On the issue of Brexit, WYG said that to date it had 鈥渘o material impact鈥� on its financial performance as a result of the vote to leave the EU.

鈥淚n the run-up to the EU referendum we undertook a review of the potential impact that a vote to leave the EU would have on the business and we have taken steps to ensure that our model remains appropriate and resilient.

鈥淣evertheless, we continue to keep the issue under very close scrutiny,鈥� it added.