Contract delays hit WYG as new chief executive named
WYG has appointed a successor to outgoing chief executive Paul Hamer as the project management and technical consultancy reported solid growth despite contract delays due to the UK general election.
Douglas McCormick will move into the role from June 12 after it was announced that Mr Hamer will take up the post of chief executive at Sir Robert McAlpine with effect from July 31.
Mr McCormick was until recently chief executive of Sweett Group, managing £90 million of revenue and more than 1,500 staff across 18 countries. Previously, he was group managing director for rail at WS Atkins.
The group has also confirmed the appointment of Jeremy Beeton to succeed Mike McTighe as its chairman with effect from its annual general meeting scheduled for September 21.
Meanwhile, WYG has reported its financial results for the year ended 31st March 2017. They show revenue up 14% to £151.8m (2016: £133.5m) but pre-tax profit down 27% at £1.6m (2016: £2.2m).
Project delays caused by the general election contributed to the fall in pre-tax profits while the firm also booked £4m of costs associated with restructuring the business in line with the strategic growth plan and the closure of certain Polish operations.
Paul Hamer said: “Despite a temporary curtailment in the process of formalising some contractual commitments as a result of the UK general election, we have started the current year well having already won a significant contract in Africa and places on two major UK frameworks.
“The opportunities we are seeing in our core consultancy services and international development markets, combined with our initiatives to drive efficiency and resilience across the group, leave us in a strong position from which to deliver good growth in the current year.”