2 December 2011 – interim results

Interim results for the six months to 30 September are much as expected with revenues coming in at £68.5m and an adjusted operating loss of £2.5m being recorded.  Following the restructuring in July, the group had net cash of £24m at the end of the period.  We have not given comparative figures as these would cover the six months to 31 December following the company’s change of year end and, given the changes at the group, these would be largely meaningless.  However, the capital restructuring has now been completed and the company is now focusing on attractive sector and geographic opportunities.  Significant new contracts are being won and the cost reduction programme is slightly ahead of forecasts.

The group has also announced the appointment of a new finance director, Sean Cummings, who was FD at Scott Wilson until the latter was taken over last year.  As Scott Wilson operates in similar markets to WYG, his experience will clearly be invaluable.  Although early days in the group’s recovery the shares are a RECOVERY BUY.