WYG posts profit rise
Manchester-based project management and technical consultancy WYG has announced the £1.4m acquisition of specialist transport practice FMW Consultancy, as it revealed financial results for 2015 which saw pre-tax profit increase to £5.7m.
The results for the year to 31 March 2015 showed turnover was up 3% on the previous year to £130.5m, with pre-tax profit up 34% to £5.7m compared to £4.2m in 2014.
UK revenue increased by 15% to £83.9m, which according to the financial report is “driven by strong demand for WYG’s services across buoyant infrastructure and planning markets”.
The bolt-on acquisition of FMW Consultancy completed on 8 June, and according to the financial results is part of a strategy to “enhance WYG’s leading position in the UK planning and transport planning sector.”
FMW has a Manchester office in King Street with two members of staff. The team will relocate to join WYG’s team of eight transport specialists in the Salford Quays office.
For the year ended 31 May 2014, FMW reported turnover of £1.6m and adjusted profit before taxation of £300,000. FMW expects to report similar profit on similar revenue for the year ended 31 May 2015.
Peter Blair, head of transport at WYG, said: “We have long standing admiration and respect for our colleagues from FMW and welcome them to WYG. This acquisition is a significant boost to our capability and excellent news for our clients across the south and south west of England and Wales.”
WYG has offices in Manchester, Liverpool, Chorley and Cockermouth.
Shares in WYG were up 2.5p this morning to 105p.
Think “Manchester-based” is a bit misleading here… WYG has its registered office in Leeds, is effectively run from London, and happens to have a Salford Quays office. Not a “local” firm by any means.
By Why Young Green