Half Year Results 2018

Editor’s note: The numbers reported below reflect the results of our UK team from when we were trading as WYG prior to our acquisition by Tetra Tech.

Today we have announced our financial results for the six months to 30 September 2018. Key points to note are:

  • Revenue* £75.3m (H1 2017: £76.2m)
  • Adjusted operating profit before tax** £1.1m (H1 2017: £1.0m)
  • Loss before tax £0.8m (H1 2017: £2.8m)
  • Adjusted** earnings per share 1.0p (H1 2017: 1.0p)
  • Interim dividend maintained at 0.6p per Ordinary Share (H1 2017: 0.6p)
  • Net debt as at 30 September 2018 £13.2m (2017: £10.1m) – expected to reduce to c£10m by year end
  • Consultancy Services grew revenues to £56.5m (H1 2017: £56.2m) with improved margins
  • International Development impacted by hiatus in onset of new projects in Turkey caused by transition from the IPA I to IPA II funding instruments; reflected in revenues of £17.6m (H1 2017: £19.3m)
  • Adjusted Group operating margin improved to 1.5% (H1 2017: 1.3%)
  • Efficiency review delivering savings in property, IT and Group central costs
  • New international holding company in Netherlands won first major contracts confirming its ability to bid, win and deliver EU and UK government work
  • Order book increased to £169.0m at 30 September 2018 (31 March 2018: £166.4m) of which c.£62.0m is expected to be delivered by the end of the current financial year (2017: £53.3m)

*Including share of Joint Venture revenues
**Before separately disclosed items

Today’s announcement and presentation can be downloaded from our investors section or you can download a copy of our Half Year Report 2018.

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