Business description

WYG is a multidiscipline, project management and management service consultancy. Over half of revenues are generated in the UK, with the remainder in a spread of international markets.

Investment summary

H118 results quantified the adverse effects of the slower development of UK Consultancy Services revenues highlighted in earlier updates, but also provided more clarity on near-term trading visibility. Improving order books in both divisions point to a stronger trading period in H2, with a reasonably robust view into FY19 also. UK Consultancy Services’ performance is key to the near-term earnings recovery and activity on public sector programmes is likely to be an important determinant of the full-year outcome, in our view. Converting improved order positions to rebuild earnings and meet market expectations is necessary to underpin valuation metrics, which, in turn, will help to regain investor attention over time.

Last updated on 02/03/2018

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2016A 133.5 9.0 7.0 10.6 3.3 N/A
2017A 151.8 10.6 8.2 11.9 2.9 7.3
2018E 154.0 5.2 2.8 3.8 9.2 23.3
2019E 164.0 7.0 4.5 5.5 6.4 5.1

Last updated on 15/02/2018

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Executive Interview - WYG

Industry outlook

Management is clearly focused on margin improvement predicated on the efficient delivery of high-quality consultancy services and rigorous operational and financial control. Extending the multi-discipline service offering in identified sector lines and in international markets is an established strategy. Market diversity offers both challenges and opportunities, requiring proactive and reactive approaches to business development.

Last updated on 02/03/2018

Key management

Mike McTighe, Chairman
Douglas McCormick, CEO
Iain Clarkson, CFO
Steve Oldroyd, Group Financial Controller

Company address

WYG, Arndale Court, Headingly,
West Yorkshire
United Kingdom
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