Engineering consultant's turnover slips as it posts pre-tax loss of £4.6m
Engineering consultant WYG saw its revenue fall 20% in the six months ended 31 December.
The group’s turnover slipped from £144.5m in 2008 to £115.2m in 2009.
After exceptional items it made a pre-tax loss of £4.6m, compared with £2.1m in the same period in 2008.
The group completed a refinancing deal on 8 January, which it said had created a stronger balance sheet. It added that a “three-part strategy” had been implemented, which included significant operational restructuring.
We have continued to make good progress in our recovery programme during the period
Chairman Mike McTighe
Total group headcount was reduced by 265 between 1 July and 31 December 2009, with employees numbering around 2,500 at the end of the year.
It noted that its international business unit had remained relatively strong, while its domestic business divisions, particularly its engineering, management services and Irish sectors had performed below expectations.
Chairman Mike McTighe said: "We have continued to make good progress in our recovery programme during the period. Notably we agreed the terms of our refinancing. Trading conditions were and remain generally challenging but we now have the financial platform on which to develop for the future.”