In a trading update WYG said that while its International Development business was 鈥減erforming broadly in line with previously revised expectations鈥�, its Consultancy Services business was struggling.
鈥淥ur Consultancy Services business has continued to experience lower trading volumes than anticipated as a result of the loss or delay of certain new contracts we had previously expected to win in the current period, and significantly lower than anticipated volumes of work under certain major framework contracts,鈥� the firm said.
As a result, it now anticipates that operating profit for the year will be 鈥渟ubstantially lower than current market expectations and in the range of 拢3.5m to 拢4.0m, with net debt expected to be in the region of 拢6.0m to 拢7.0m鈥�.
This is the second profits warning that WYG has had to issue since former chief executive Paul Hamer left in June to run Sir Robert McAlpine.
His replacement at WYG, Douglas McCormick, said: "Although it is very disappointing to be making a further announcement revising expectations of WYG's near term performance, the board is 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 in the medium term."
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