Consultant WYG marked a turnaround in fortunes posting an operating profit of £300,000 for the six months to 30 September 2012, according to its half yearly update released today.
The firm posted a loss of £2.5M for the same period in 2011. WYG’s revenue dropped during the same period from £68.5M last year to £61.8M in 2012.
WYG has had a turbulent 18 months, which included shutting its loss making Republic of Ireland division as well as a financed restructuring in 2011 after running up £51M in debt.
The firm first stated on 7 June this year that it was confident of a near term return to growth. WYG chief executive Paul Hamer reiterated this prediction in mid-September, stating that the firm expected to announce a small operating profit.
“Despite continued challenging conditions in the UK, we have secured good quality new business across our key sectors and we are developing a strong pipeline of international opportunities in both the public and private sectors, underpinning the Group’s long term growth prospects,” said Hamer.
The firm’s order book now stands at £124.1M of which over half - £67.9M - is international.