WYG has announced former Sweett Group boss Douglas McCormick will be its new chief executive from next week, as Paul Hamer leaves to head up Sir Robert McAlpine.
The end of Hamer’s tenure sees the firm’s financial results for the year end to March 31 show revenue up 14% to £151.8M, but profit before tax at £1.6M, from £2.2M in 2016.
The order book stands at £145M, with the UK order book up 4% to £82M.
UK revenue is doing better, up 12% to £107.6M, even though WYG says there were project delays in the last quarter. The Middle East and North Africa saw strong revenues, but Europe, Asia and Africa saw revenues dip 15% which it says reflects the results of its Polish operation.
Recent wins include three lots on the delayed Crown Commercial Services’ two year £2.9bn consultancy framework, although it says the General Election has delayed some project awards.
“WYG has delivered a 14% increase in revenue, a 22% increase in adjusted operating profit and a marked improvement in operating cash generation - although a number of project delays and deferrals in the final quarter meant we did not quite meet the expectations we set ourselves at the beginning of the year,” said Hamer.
“Despite a temporary curtailment in the process of formalising some contractual commitments as a result of the UK General Election, we have started the current year well having already won a significant contract in Africa and places on two major UK frameworks.”