Consultant announces five further probable office closures after 324 jobs cuts already this year
Troubled consultant White Young Green (WYG) said it expects full year pre-tax profit to hit £12m following “extensive” restructuring of the group.
In a stock market update for the third quarter, the group said it had cut staff by 324 between 31 December last year and 30 April 2009, on top of the 235 job cuts announced in its half-year results.
Seven offices have already closed and WYG expects to announce a further five closures by the year end as it moves to focus on regional centres, it said.
The board said trading conditions continued to be more challenging than in the first half of the year, particularly in its engineering and Irish divisions, but said it was “encouraged by the progress being made in the implementation of its strategy”.
International markets including Eastern Europe, the western Balkans and Africa showed particular strength, it said, and its international order book is at a “record” level of €111m (£98.6m). WYG is also expanding into Abu Dhabi, South Africa and Kazakhstan.
The firm said its net debt position remained broadly similar to half-year levels, when it was £91.5m. Discussions with lenders were ongoing, it said.