The firm has grown, partly by acquisition, and prospered in recent years but in November 2009 after reporting heavy pre-tax losses, it said that current trading remained challenging. The group pointed to a lack of confidence and liquidity in many of its markets, although it was encouraged by some new contract wins.
In January 2010, the group completed a restructuring to reduce its debt and create a stronger capital structure and exchanged some £22.9 million of debt for around 30 million new shares. It also introduced a 1-for-10 share consolidation and changed its name to WYG Plc.
The restructuring left the group with lenders owning 60.5% of the group’s share capital, an employee trust with 24.5% and existing shareholders with 15%. The group’s shares will no longer be traded on the main London Stock Exchange but will be listed on the AIM junior market.
According to the most recent NCE Consultants File WYG earned fees of £214m and employed 1959 technical staff.
|Profit before tax||11,062||13,364||16,848||-128,896|
|Profit after tax||7,838||9,884||14,437||-128,342|
|Net cash from operating activities||4,476||4,382||20,861||6,697|