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WYG expects return to profit

Consultant WYG said it expects to announce that it has returned to profit when it releases its interim results in November, a trading statement said today.

The update relates to trading for the six months to 30 September in advance of its half year results statement on 29 November. WYG chief executive Paul Hamer said he was “delighted” that the firm would announce a small operating profit and said it would enable the firm to now focus on “creating higher quality revenues”.

“Having stated, on 7 June, that we were confident of returning the Group to operating profit in the near term, we are delighted to announce that this milestone in the Group’s turnaround will be reached in the first half of the current year,” he said.

In 2011 the firm was completely restructured and recapitalised after running up £51M in debt.

The firm also announced it has secured a deal to buy back its Northern Ireland business saving about 90 jobs. WYG announced last month it was closing its Irish business and had brought in law firm Grant Thornton as liquidators.

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