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WYG delivers 34% increase in pre-tax profit

WYG has ruled out future takeover offers after it posted a 34% increase in its 2014-15 pre-tax profit.

The group, whose activities include supporting the troubled Dorset Waste Partnership, said it had received “a number of high level expressions of potential interest from various parties” during a strategic review of the company, which ended on 26 January 2015.

But it said that none of the approaches “appropriately valued the future prospects” of the company, nor did they recognise WYG’s “unique positioning” in its chosen markets.

It said: “The review has therefore confirmed that an appropriately funded independent group represents the best route to optimising value for all stakeholders.”

WYG’s UK business has been expanding in the energy and residential sectors over the last year, with a focus on low risk, high margin services.

The UK business generated revenue of £83.9m for the year ended 31 March 2015, accounting for 64.35% of the group’s global revenue. Last year’s UK revenue was £72.9m.  

The group said it had “brought forward” significant losses in the UK and was unlikely to pay UK tax for the “foreseeable future”.

“However, we do generate profit in many of our overseas activities, upon which we pay local corporation tax,” it added in a statement to the City.

Group revenue was £130.5m for the period, compared with £126.9m in 2013-14.

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