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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

WYG faced a number of challenges in FY18 but ended the year with an improved market backdrop, higher divisional order books and benefits from management actions starting to come through. Guidance and our profit estimates are unchanged. With greater business stability and a focus on margins and cash generation (plus receding legacy issues) investors will be able to concentrate on the earnings recovery story. This may be partly discounted following a recent share price pick up, but in the context of historic earnings levels there is more to go for.

Last updated on 19/06/2018

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2017A 151.8 10.6 8.2 11.9 4.7 11.7
2018A 154.4 5.0 2.9 4.4 12.7 33.9
2019E 156.5 5.9 3.5 4.7 11.9 16.3
2020E 161.0 6.6 4.1 5.3 10.6 7.4

Last updated on 19/06/2018

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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 27/04/2018

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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