Takeover target WYG posts annual loss as consulting sales slip
Source - SMW
Professional services group WYG, which has agreed to be acquired by Tetra Tech, posted a full-year loss amid falling sales in its consultancy division.
Pre-tax losses for the year through March amounted to £4.6m, compared to losses of £5.3m on-year.
Revenue rose 1.7% at £157.0m.
The company did not declare any dividends.
'Although this has been another challenging year for WYG, we have taken decisive steps to implement our strategy of delivering a simpler, more robust platform and driving efficiencies which are beginning to take effect,' chief executive Douglas McCormick said.
'Going forward, whether we become part of the Tetra Tech Group, providing the benefits of scale and access to expertise across highly complementary geographies and client relationships, or with a strengthened balance sheet through the implementation of a fundraising and our recovery plan, we believe WYG is well placed for a return to profitability and positive cash flows.'