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WYG grows international order book

Consultancy WYG Group has today announced its operations made a small profit and it increased its international order book to £89M during the six months to 31 December 2010.

Part of WYG’s three-part strategy is to grow its international footprint and during the six months to 31 December 2010 it opened local entities in Syria, Croatia, Bosnia and South Africa, and its international order book increased by £12.6M to £89.2M.

Group revenue decreased by £31.5M to £83.7M and operating profit decreased by £3.6M to £0.1M.

WYG Group chief executive officer Paul Hamer said: “After nearly two years of major restructuring, we now have an appropriate operational and support structure. 

“The latter stages of this restructuring have been undertaken against a backdrop of profoundly difficult and uncertain market conditions in the UK, particularly in the public sector, and significant volumes of work have been cancelled, reduced or deferred.

“However, the overseas markets in which we operate have remained relatively resilient.”

The specialist consultancy has also restructured into four key market segments, facilitating a number of significant new international business wins, including most recently a €1.5M (£1.3M) contract with the European Union to facilitate a policy dialogue programme in South Africa. 

The consultancy has also been appointed by the Ministry of Defence to undertake an assessment study of utilities and infrastructure at Camp Bastion in Afghanistan, which is the main operating base for British forces in Afghanistan.

WYG said it is keen that it has access to sufficient capital to take advantage of opportunities to grow in its chosen markets.

The consultancy said it is exploring with its lenders the options available to address the funding requirements of the Group.

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