Engineer said it will beat market forecasts by 10% as economy recovers
Engineer WYG has said it will report full year profit to 31 March, 10% ahead of market expectations as it benefits from the economic recovery.
The listed engineer said in a trading statement that the 10% improvement came on the back of a slight increase in revenue and a “considerable” improvement in operating margins.
Last year WYG made £0.7m of pre tax profit on revenue of £126m.
The firm said that in the UK the continued economic recovery was stimulating activity, giving an encouraging outlook for consultancy, though pricing remained competitive. It added it was focused on retaining and maximising long term framework agreements, and had managed to keep its place on all four of its major frameworks that had been re-let over the last year.
However, it said the delay in agreeing the next seven year EU budget has had a knock-on effect on the pipeline of new work for Poland and Turkey.
It has also agreed a new £15m trade finance facility with Santander, and reported an increased order book of £88m, up from £77.6m.
Paul Hamer, chief executive of WYG, said: “This has been another positive period for WYG. Against the backdrop of an improving trading environment, we have won important new business, improved the scale and profile of our order books, and further strengthened our business through acquisition and other investments for future growth.