Design and engineering consultancy WYG has announced plans to build revenue to £175M by 2018, demonstrating a confidence in the future for UK consultants. The plans could see the Leeds based firm generate pre-tax profits of £15M.
It told investors at a recent strategy day that planned international expansion will boost the group over the next three years.
Chief executive Paul Hamer said the firm has identified £300M worth of opportunities across Africa, Europe and Asia and that on top of this its UK business is expected to grow by 10% organically over the same period.
Mr Hamer added: “We’re almost at the point where there are more opportunities than we can service and we’re having to prioritise.”
WYG pointed out that economic recovery in the UK is stimulating activity across many sectors and the outlook for consultancy is encouraging. It also expects that growth across Europe will lead to its continental revenues rise from £30M to around £45M.
WYG added that it is strongly positioned to secure new contracts across the UK Government’s Department for International Development’s Fragile and Conflict Affected States framework, with a particular focus on Africa.
The firm was recently awarded a three year technical assistance contract by the European Investment Bank on behalf of the Western Balkans Investment Framework, which will see it earn around £3.7M advising on infrastructure projects in Albania, Bosnia & Herzegovina, Kosovo, Macedonia, Montenegro and Serbia.
Mr Hamer said: “We’ve got great momentum in the business. There’s a real vibe and a buzz in the market.”
Analyst Andy Brown at N+1 Singer said: “The group is in better shape now than it has been for several years. Its highly differentiated offering and strong financial position mean it is well placed to benefit from an improving UK market along with increasing opportunities overseas.
“Recent acquisitions and new funding arrangements have enhanced its scope.”