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WYG confident of better performance

Restructured consultant WYG expects to begin generating cash before the end of this year, senior figures from the firm have said.

The firm’s senior finance director Sean Cummins spoke to NCE following the announcement of financial results for the year to 31 March 2013.

“We’ve made good progress on our working capital and we expect to announce that we have begun generating cash at some point this year,” said Cummins.

“We predict that later this year we will no longer be a recovery story.”                      

The firm announced an adjusted operating profit of £1.8M for the year to 31 March 2013, compared to a loss of £3.5M for the same period the previous year.

Revenue for the period dipped to £125.7M against 139.9M for the previous year. Cummins said the drop was largely due to the firm’s decision to withdraw from bonded EU donor-funded work.

“It seemed dangerous to have one client that accounted for 30% of work,” he said.

The firm returned to operating profit in November last year. In 2011 it was completely restructured and recapitalised after running up £51M in debt. 

WYG put its Irish arm into liquidation in August last year after concluding that the decline of the country’s construction markets made legacy issues “ultimately insurmountable”. Around 50 jobs were lost of over 670 employees in the country.      

The firm bought back its profitable Northern Ireland subsidiary shortly after the liquidation, saving 90 jobs.

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