Group pre-tax profit slipped from 2.2m to £1.6m in the year to March after also booking £4m costs associated with restructuring the business in line with the strategic growth plan and the closure of certain Polish operations.
Strong growth in last years order book was converted into a 14% revenue rise to £152m. However, margins slipped chiefly as a result of having geared up to deliver several major programmes of work that were expected to commence in the last four months of the year but were then delayed.
Paul Hamer, chief executive officer of WYG, said that frustratingly, it was WYGs higher margin service lines that saw the greatest incidence of project delays.
Although the business acted quickly to reduce costs and overheads…
Read the full article at: http://www.constructionenquirer.com/2017/06/06/wyg-hit-by-contract-delays-and-4m-restructuring-costs/