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WYG delivers 34% increase in pre-tax profit for FY

WYG has ruled out future takeover offers after it posted a 34 per cent increase in its 2014/15 pre-tax profit.

The group said it had received “a number of high level expressions of potential interest from various parties” during a strategic review of the company, which ended on 26 January 2015.

But it said that none of the approaches “appropriately valued the future prospects” of the company, nor did they recognise WYG’s “unique positioning” in its chosen markets.

It said: “The review has therefore confirmed that an appropriately funded independent group represents the best route to optimising value for all stakeholders.”

WYG’s UK business has been expanding in the energy and residential sectors over the last year, with a focus on low risk, high margin services.

The UK business generated revenue of £83.9m for the year ended 31 March 2015, accounting for 64.3 per cent of the group’s global revenue. Last year’s UK revenue was £72.9m.  

The group said it had “brought forward” significant losses in the UK and was unlikely to pay UK tax for the “foreseeable future”.

“However, we do generate profit in many of our overseas activities, upon which we pay local corporation tax,” it added in a statement to the City.

Group revenue was £130.5m for the period, compared with £126.9m in 2013/14.

WYG chief executive Paul Hamer said: “WYG remains well-positioned for future growth with the benefit of a healthy order book and recent acquisitions combined with the opportunities presented by a buoyant UK market, a new EU funding cycle and the planned interventions by DfID and other funding institutions in fragile and conflict affected states.

“It is pleasing to note that the conclusions of the strategic review confirm that the group is in a robust position to deliver shareholder value over the long term.”

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