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WYG enjoys profit hike and Dubai contract win

White Young Green today reported a profit hike after revealing it has won a contract to provide development control services for the prestigious Dubai Waterfront scheme.

Reporting its preliminary results for the year ended 30 June the Leeds-based consultancy group said pre-tax profits increased by 26 per cent to £16.8 million from £13.4 million in the previous year.

Turnover increased 28 per cent to £282.1 million from £220.6 million and bosses put the success of the company down to its versatility and acquisitions made during the year.

The company said it had completed three acquisitions in the first half of the financial year for an initial consideration of £34.4 million, contributing £22.4 million to the business.

And bosses said the group is continuing to be on the look out for more staff after recruiting more than 75 graduates so far this year.

Looking ahead the order book now stands at a record £400 million, more than with 51 per cent made up of long term framework agreements extending beyond 2012.

Chief executive Lawrie Haynes told Construction News: “Our numbers are so good because we are a multi-disciplinary organisation. Where one part of the economy might be slowing down, another is heating up.

“It is one of the beauties of our business model. It is effective when we need to be aggressive, or equally so in times to be defensive.”

The new Dubai deal announced today is worth £1.6 million a year to the group.

It will see White Young Green provide development control services for a massive Dubai waterfront project to turn 1.4 billion sq ft of empty desert and sea into a city for 1.5 million people.

Mr Haynes said: “We are spending a lot of time developing our Middle East approach and this is a great win for us. We are already hearing the client wants to expand the commission further. We see a significant opportunity to extend our international footprint in the Gulf.”

The company said it had incurred costs of £300,000 following an unsolicited, unsuccessful takeover attempt for the group in June.