Editor’s Note: The numbers in this report reflect the financial results of our UK team before we were acquired by Tetra Tech in 2019.
WYG achieved revenue of £157.0m, adjusted operating profit of £1.8m and net debt at the year end of £9.3m. 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.
On 20 May 2019, it was announced that the Board had reached agreement on the terms of a recommended cash offer by Tetra Tech to acquire the Company at 55p per share, representing a premium of approximately 244% to the closing share price on 17 May. Becoming part of Tetra Tech enables benefits of scale and access to expertise across highly complementary geographies and client relationships, and brings operational infrastructure and financial strength to support WYG’s long term growth ambitions.
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.
- Revenue* up 1.7% at £157.0m (2018: £154.4m); H2 revenue of £81.7m (H1: £75.3m)
- Statutory operating loss of £3.8m (2018: £4.8m); loss before tax £4.6m (2018: £5.3m)
- Adjusted operating profit** £1.8m (2018: £3.5m)
- Adjusted profit before tax** £1.0 (2018: £2.9m)
- Adjusted diluted earnings per share** 0.8p (2018: 4.4p)
- Loss per share 6.7p (2018: 6.9p)
- Net debt as at 31 March 2019 £9.3m (30 September 2018: £13.2m, 31 March 2018: £6.3m)
- Order book up 0.2% to £166.7m as at 31 March 2019 (31 March 2018: £166.4m)
* Including revenue from Joint Ventures
** Adjusted operating profit and adjusted profit before tax are, respectively, statutory operating profit and statutory profit before tax after adding back separately disclosed items as disclosed in Note 3