4 June 2018
WYG achieved revenue of £154.4m, adjusted operating profit of £3.5m, and net debt at the year end of £6.3m. Having posted a disappointing set of results at the half year, the team has taken action to start to offset the issues we highlighted in August and November 2017, and there have since been several positive developments ensuring that we met the market’s revised expectations of our profit and cash performance.
We have improved the shape of the Group by simplifying the management and Board structure and are underway with a review to identify cost initiatives to improve efficiency in the near term and better support sustainable growth in the medium term. We anticipate that the improvement, which started in the second half of the year, will continue into the new financial year, and as we deliver on our commercial strategy and make selected investments in the business, we remain confident that WYG is a fundamentally sound business with a strong platform from which to grow over the medium term.
* Including revenue from Joint Ventures
** Adjusted operating profit is statutory operating profit after adding back separately disclosed items
*** Underlying operating cash conversion is defined as adjusted operating cash flow divided by adjusted operating profit
Today’s announcement and presentation can be downloaded from our investors section.