Industry consultant WYG has reported a pre-tax loss of £2.8 million in its results for the year ended 30 September 2017.

Despite its revenue being up 3.7% to £76.2m (2016: £73.5m), the company made a loss after a £2.45m provision for legacy contract claims from discontinued businesses (2016: profit of £800,000).

However, its Consultancy Services remain profitable despite contract delays and lower volumes, while its International Development division increased both revenue and underlying profit contribution.

In addition, its Order book has risen by 17% to £170m, with over £50m to be delivered by the end of the current financial year.

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Douglas McCormick, Chief Executive Officer of WYG, said despite the "disappointing" set of results, there are some positives.

"We continue to anticipate a stronger second half, consistent with our historical seasonal trading pattern and our guidance in November," he said.

"We remain confident that the underlying business is robust and that, supported by a strong order book, we are taking the correct steps to return to a growth trajectory. Importantly, revenue is up on the comparative period and we are seeing major projects in both our principal business streams start to mobilise, albeit some months later than originally expected.

"My first six months at WYG have been very busy. We have been operationalising the commercial strategy announced in June 2017; extended our bank facility with HSBC; and completed a significant step to improve WYG's position in the light of the potential impact of Brexit.

"Having met a number of major clients, visited almost all our offices and spoken with several hundred of our highly-skilled staff, I am reassured that WYG is a fundamentally sound business and that we have a strong platform from which to grow in the medium term."

(LM/MH)