Final Results to 31 March 2015

Paul Hamer, Chief Executive Officer Sean Cummins, Finance Director

• Programme Management & Technical Consultancy

• Specialise in Asset Creation and International Development

• Operate client-side - Navigate the route to asset creation & change implementation

• Strategic relationships based on value

• High Margins / Low Risk

• Multi-year contracts and long-term framework agreements

• Delivered by a team of c.1,400 across UK, Europe, Africa & Asia

Who we are

Strategic definition

Preparation Concept design

Navigate local regulations and industry

practices

Supervise implementation

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A global consultancy with a leading position in International Development

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Spread of the business

Turnover by funding sector

International Development Sector 32%

Private Sector 33%

Turnover by region for the full year to March 2015

UK 64% EAA 23%

MENA 13%

Urban and Commercial Development

Social Development and Infrastructure

Energy and Waste

Transportation

Environment

Mining and Metals

Seven core sectors

Defence and Justice

Public Sector 35%

Highlights

“Strong profit growth on increased revenues and significant order book momentum”

• Revenue up 3%* to £130.5m; H2 revenue up 6.5%

• Profit before tax** up 34% to £5.7m

• Proposed final dividend of 0.7p (2014: 0.5p) giving total dividend for the year of 1.0p (2014: 0.5p)

• Acquisition of Alliance Planning in September 2014, performing ahead of expectations

• Order book up 21% to £105.0m prior to post year end wins

• Strategic review concludes standalone growth strategy will deliver best value for shareholders

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* including share of Joint Venture revenues

** before separately disclosed items

Strategic review

• Strategic review reaffirmed WYG’s differentiated business model and growth strategy including strength and quality of future opportunities

• Concluded that an appropriately funded independent group is the best route to optimising value for all stakeholders

• New £25m 5 year committed facility with HSBC to enable investments in next phase of growth

• Acquisition of FMW Consultancy enhancing WYG’s leading position in the UK planning and transport planning sector

• A developing pipeline of identified acquisition opportunities

• Board seeking to recruit non-executives with skill sets and connections closely aligned to our end markets

• Board engaging with shareholders to obtain input on proposals for a new incentive scheme to support growth

“A positive outcome setting out a clear long-term strategic path to growth”

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2015

Total

2014

Total

Revenue* 130.5 126.9

Operating profit** 5.8 4.8

Finance costs (0.1) (0.6)

Profit before tax** 5.7 4.2

Tax credit 0.5 0.3

Profit after tax** 6.2 4.5

Adjusted diluted earnings per share* 8.6p 6.4p

Consolidated income statement

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• 3% growth in revenue

• £1.0m positive swing in operating profit year on year; £2.1m H1 to £3.7m H2 driven by focus on quality and growth in revenue

• £0.5m reduction in finance costs reflects the reduction in our legacy bonds coupled with cheaper facilities

• Tax credit driven by positive tax position in UK

• Adjusted EPS based on 70.9m shares

* including share of Joint Venture revenues

** before separately disclosed items

31 Mar 2015

actual

£m

31 Mar 2014

actual

£m

Goodwill 13.9 12.8

Fixed assets 7.6 7.0

Debtors and WIP 42.1 44.1

Fees in advance (10.3) (10.6)

Net working capital 31.8 33.5

Creditors (34.5) (36.4)

Legacy provisions (8.6) (12.0)

Net cash unrestricted 11.4 12.8

Net cash restricted 0.9 2.4

Total net cash 12.3 15.2

Shareholders’ funds 22.5 20.1

Consolidated balance sheet

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• Conditional fees in advance stable as we utilise new bonding facilities

• Debtors and WIP remain well controlled, working capital days at 85

• £3.4m decrease in legacy provisions

• Unrestricted cash of £11.4m after £1.5m acquisition related cash outflow and dividend payments, further reductions in restricted cash

Consolidated cash flow statement 2015

£m

2014

£m

Operating profit (before separately disclosed items) 5.8 4.8

Depreciation and amortisation 1.8 1.6

Movement in working capital (2.1) 2.5

5.5 8.9

Interest and tax (0.4) (0.5)

Capex (1.7) (1.4)

Cash flow before legacy issues & acquisitions 3.4 7.0

Movement in bonded fees in advance 0.4 (4.0)

Legacy cash costs (2.6) (3.8)

Pensions (0.8) (0.9)

Cash flow before acquisitions & dividends 0.4 (1.7)

Acquisitions and disposals (inc costs) (1.5) (1.6)

Dividends & treasury share purchases (0.9) -

Net cash flow (before exchange movements) (2.0) (3.3)

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• Cash generation before investments driven by:

- Strong development in operating profit

- Capex controlled and running below depreciation

- Reduced interest and tax

- Reducing legacy cash cost

- Controlled investment in working capital

Guidance

• Revenue trend – continuation of growth in revenues supported by strong

order book

• Gross margin – focus on quality revenues; should improve margin by c.1-2%

• Operating costs – modest growth to support growth of business

• Interest costs – modest increase expected as we utilise our new facilities to

support growth

• Tax – still settling down, but c.10% expected with ongoing benefit of UK tax

losses

• Capex – similar level to previous year expected, should be below depreciation

• Debtor & WIP days – having reduced to <85 days at 31 March 2015, we are

targeting further modest improvement

• Legacy cash – continues to unwind in line with prior year

• Cash flows – we expect to be cash flow positive, before acquisitions and

dividends

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• Revenue growth of 15%

• Order book growth of 18% ( to £53.0m)

• Secured 7 out of 8 key frameworks and confident of further successes (£15m p.a. growth opportunity)

• Acquisitions

• Alliance Planning delivering strongly

• FMW Consultancy completed

• Long term demand for our services

• Major Infrastructure

• Defence & Energy

• Residential & Retail

UK – strong revenue, profitability & order book growth

2015

£m

2014

£m

Revenue 83.9 72.9

Operating profit/(loss)* 7.7 5.1

Operating margin* 9.2% 7.0%

*before separately disclosed items

Salisbury Plain: Relocating 4,300 troops and their families to the Salisbury Plain Training Area integrating them with the existing military community and civilian population. We set out a Masterplan for the socio-economic framework meeting the Army’s desire to create a balanced and sustainable community.

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2015

£m

2014

£m

Revenue 30.4 38.2

Operating profit* 1.6 2.8

Operating margin* 5.2% 7.4%

• Europe

• EU Budget of €960bn for funding cycle 2014-2020 delayed but now beginning to generate revenue & strong pipeline

• Major contracts:

- to advise on Poland’s first nuclear power station

- IPF4 in Western Balkans

• Diversification into commercial development ongoing – major transport studies/defence

• Market leader in SEE – major opportunities

• Africa and Asia

• Now established as a trusted supplier to DfID/FCO

• Delivering challenging programmes for UK plc across fragile states

• Major programmes & frameworks emerging (£400m pipeline)

- 4 projects - £30m to £100m

- FCO Framework – fragile states

- Secured 1st project with AfDB (African Development Bank)

EAA – EU budget delay, strong growth with DfID

*before separately disclosed items

Intra-ACP (Africa, the Caribbean and the Pacific) Migration Facility: helping ACP countries better understand and manage their migratory flows and the consequences of these flows.

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2015

£m

2014

£m

Revenue 16.1 15.8

Operating profit* 0.4 0.9

Operating margin* 2.8% 5.6%

• Successfully closed out major projects in Turkey and Afghanistan

• ‘UK Plc’ generating further growth

• Turkey

• EU budget approval now unlocking key projects with strong future pipeline (€100m+)

• Diversification continues with success in water & waste water (No. 3 in market)

• Unprecedented levels of bidding activity - €60m over next two months

• Gulf / MENA

• Growing support to UK government agencies in Saudi Arabia, Bahrain and Kenya

• Local partnerships targeting global investment clients to support asset creation

• Continued prudent approach

MENA – stable profits; accelerating EU market

*before separately disclosed items

Technical Assistance for Recruitment of Future Blood Donor Projects: increasing the capacity of government bodies to encourage voluntary blood donation from students across all 81 provinces of Turkey.

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Contractual orderbook summary for FY16 delivery

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31 March 15 £’m

31 March 14 £’m

31 March 15 £’m

31 March 14 £’m

UK 43.3 31.2 9.8 13.8

EAA 19.0 18.5 24.6 14.4

MENA 6.9 3.3 1.4 5.6

69.2 53.0 35.8 33.8

FY 16 Beyond FY 16

A strong underpin to the year ahead

Long-term strategy

• Key growth themes

− Fragile states and stabilisation

− Preserving the global environment

− Urban development – connected cities

• Significant order book and pipeline of identified work

• “Gilt edged” client base – UK plc and supra-national institutions

• Selective acquisitions with the benefit of new bank facility

c£280m

c£85m

c£45m c£25m

c£435m

0

50

100

150

200

250

300

350

400

450

500

£m

Future Pipeline

Split by client

DFID 60%

Others 13%

EU 13%

DIO 15%

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Conclusion and outlook

• Excellent progress delivering on our reaffirmed strategy with strong profit growth

• Further substantial uplift in order book and rapidly expanding pipeline

• Strong focus on cash and working capital management

• New £25m 5 year committed bank facility enabling accelerated investments

• UK trading environment improving; emerging pipeline of EU opportunities

• We are different from our peers: a highly diversified consultancy

• Enhanced platform enabling focus on growth in asset creation and international development

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“Aspiring to deliver up to £15m PBT by March 2018”

Appendices

Current and Recent Projects

UK Region

• MOD Army Basing Plan: £1.6bn programme to support the return of 16,000 soldiers, their families and equipment from Germany to the UK by 2020

• MOD – Defence Technical Training Change Programme - November 2013 – construction management on £150m major base redevelopment – RAF Lyneham

• Hinkley Point C: First new nuclear power station in the UK for 20 years. From 2023 it will provide sufficient power for almost 6 million homes

• Liverpool Waters: Regeneration of sixty hectares of historic docklands to bring £5.5bn of inward investment and up to 20,000 jobs to the area

International

• IPF (Infrastructure Projects Facility) Western Balkans: 130 projects leveraging £4.5bn of infrastructure investment. November 2013 - €10m extension to 2018

• CRIDF (Climate Resilient Infrastructure Development Facility) Southern Africa: £18.2m programme to improve access to water for many of the 95 million population of the region

• Murooj, Jeddah, Saudi Arabia: Masterplanning and infrastructure design for a new city of 170,000 residents, 41,000 houses and associated infrastructure

• Covasna Romania: Integrated waste management system to benefit a population of over 200,000

Basing Optimisation Programme

Wadi Al Asla

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Shareholders

Shareholder % Cumulative %

Robert Keith 11.1 11.1

Henderson Global Investors 10.9 22.0

Hargreave Hale 10.5 32.5

Artemis Investment Management 9.2 41.7

Soros Fund Management 8.7 50.4

River and Mercantile Asset Management 8.4 58.8

Majedie Asset Management 6.5 65.3

Franklin Templeton Fund Management 5.0 70.3

GoldenPeaks Capital 4.6 74.9

Henderson Volantis Capital 4.0 78.9

Fidelity Worldwide Investment 3.8 82.7

Others 17.3 100.0

100.0

As at 15 May 2015

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The team

Paul Hamer, Chief Executive Officer • Appointed Chief Executive in March 2009

• Previously Managing Director of VT Nuclear Services, part of Babcock International, and brings with him over 20 years’ experience in business management, leadership and project delivery

• Held several senior executive positions in the contracting, nuclear, oil, chemical and petrochemical sectors

• Chairman of Green Economy Panel – Leeds City Region LEP

Sean Cummins, Group Finance Director • Joined WYG in Dec 2011 as Group Finance Director

• Previously Group Finance Director at Scott Wilson Group plc and Yule Catto & Co plc

• 25 years' experience of commercial and operational financial management, including the last 13 years as Finance Director of a plc

Graham Olver, Chief Operating Officer • Joined WYG in August 2009

• 25 years’ UK and International experience as a contractor, developer, investor and COO of a portfolio of high profile innovative infrastructure projects around the world including PPP, Concessions and project finance projects in Energy, Transport, Water, Schools and Hospitals and related international mergers and acquisitions, joint ventures and partnerships

• Held senior director positions at ALSTOM, RWE Thames Water, Skanska Infrastructure Development

• Chairman of British Expertise – the leading UK private sector organisation for British companies offering professional services internationally

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Management incentive scheme

WYG Transformation Incentive Plan (‘TIP’) established following the placing

Participation extended to c. 60 senior leaders of the Group

Options are exercisable at nil or nominal amount only when stretching share price targets are met

Share price targets are:

– £1.00 – 33% vested in August 2013

– £1.25 – 67% vests

– £1.50 – 100% vests

Shares released 12 months after vesting

50% of future bonus payments to be reinvested in additional shares

TIP Scheme

Shares

Paul Hamer 4,313,720

Graham Olver 1,941,174

Sean Cummins 1,941,174

Group Leadership Team 13,372,531

21,568,599

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Strong acquisition track record

FMW Consultancy acquired June 2015 • £1.4m consideration

Y/E 31 May 2014: • FY15 revenue £1.6m • Adjusted PBT £0.3m

• Cemented strong market position in transport and infrastructure planning

• Immediately earnings enhancing • Focussed on integrating

Alliance Planning acquired Sept 2014 • £3.2m consideration -

Contribution since acquisition: • FY15 revenue £2.0m • Operating profit of

£0.4m

• Created one of the largest planning businesses in the UK

• Performing ahead of expectations • Earnings enhancing in year one

Delta Partnership acquired March 2014 • £0.7m consideration

• FY15 revenue £1.2m • Extended aid agency relationships and provided strong presence in Africa

• Allows greater access to international funders’ investments in the region

Upper Quartile (75%) acquired May 2013 • £1.1m consideration

• FY15 revenue £4.8m • Strengthened specialism in fragile states and stabilisation

• Secured several large contracts with DfID

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Key financial metrics

Area 2015 2014 Comment

Revenue growth +3% +1% Strong performance in the UK offset by slower than anticipated ramp-up of EU funding cycle

Profit before tax £5.7m £4.2m 34% increase in PBT, ahead of expectations. Reflecting increase in revenues, improvement in operating margins and lower finance costs

Earnings per share (Adjusted and diluted)

8.6p 6.4p 34% growth in diluted EPS, driven by strong profit growth, lower finance costs and UK tax credits

Working capital days 85 89 Continued reduction in working capital days; cash impact offset by unwind of certain “end of project” accruals.

Cash flow before investments

£0.3m (£1.7m) Cash generative prior to investment in acquisitions and dividends. New facility will support future growth

Order book £105m £87m 20% increase in order book reflects strong UK pipeline and growth in international work

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