Consultant says it is ahead of schedule following huge 2011 restructuring
Consultant WYG has slipped into the red posting an operating loss of 拢3.5m in the year to 31 March 2012, before accounting for exceptional items.
This compares with a profit of 拢0.1m in the nine months to 31 March 2011. The company said the depressed construction market in the UK had made trading challenging but that it had maintained a focus on its core markets of defence, justice, urban and commercial development.
However, the firm鈥檚 results for the second half of the year showed significant improvement with a loss of 拢1m compared with 拢2.5m in the first half of the year. When accounting for the effects of the firm鈥檚 financial restructure in July 2011, the company made an operating profit of 拢14.2m, with the debt for equity deal allowing it to post a 拢49.6m accounting credit.
However, the restructuring exercise also cost it 拢9.4m in redundancies, office closures and associated costs last year on top of a 拢14.8m goodwill impairment and the financial cost of the deal. In total the deal resulted in a 拢14.2m boost to the accounts.
Paul Hamer, chief executive of WYG, said: 鈥淕oing forward, the group鈥檚 focus now shifts from internal improvements to creating quality top line growth through the delivery of our global integrated strategy. Against this backdrop, the board is confident of returning the group to an operating profit in the near term.鈥�
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