WYG says it will continue to slim down after cuts

TROUBLED engineering consultant WYG said yesterday its major restructuring was on track, after announcing pared losses for the year of £21.9m.

The company, which undertook a debt for equity swap with its lenders in January, said it cut 620 jobs in the year to 30 June, costing £8m in redundancy payments and office closures. More cost-saving measures are expected in the current financial year, said chairman Mike McTighe.

“The much awaited outcome of both the comprehensive spending review and the strategic defence spending review continues to induce paralysis across both the public and private sector markets,” said Tighe

Revenue at the firm fell 16 per cent to £220.6m. Shares in the firm, which was recently demoted to the AIM market, dropped 8.8 per cent to 28.5p.