Paul Hamer, chief executive of consulting engineer WYG, has spoken of the “huge difference” its restructured balance sheet has made when bidding for work
The deal, which was voted through by shareholders last month, cut its debt pile in half to about £50m in return for giving its banks a 60% stake in the company.
Speaking after WYG announced its results for the six months to 31 December 2009 last week, Hamer said the fact that debt was at a “sustainable level” following its refinancing deal had had a positive effect.
He said: “The financial position is one of the key factors when clients assess your strength and we now have that strength.”
In the six months to 31 December, turnover fell 20% to £115.2m and the firm made a post-exceptional loss of £4.6m.