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H1 has concluded on a positive note for WYG, with management lifting FY14 guidance again after doing so following FY13 results. The net effect of updated regional activity is a £0.2m (5.3%) increase in our current year PBT estimate. Run rates suggest upward pressure on FY15 also, although we will review this when H1 results are announced on 2 December. We expect upgrade momentum to translate into further share price progress.
WYG returned to profitability in FY13 with all regions contributing, most notably the UK after two years of significant losses. Having beaten FY13 consensus, FY14 guidance is also being raised, continuing the turnaround momentum into the next phase of rebuilding profitability. The current premium rating recognises that the earnings recovery is ongoing.
Toby Thorrington, Analyst, highlights the business’s UK divisions return to profit, international growth and the ambition to deliver £15 million EBITDA by FY16. This will be achieved through stabilising revenues, improving margins and developing organic revenue and profit growth.