WHY White Young

 

TIDMWHY 
 
RNS Number : 7361U 
White Young Green PLC 
30 June 2009 
 

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| For immediate release              |                       30 June 2009 | 
+------------------------------------+------------------------------------+ 
 
 
 
 
White Young Green plc 
Pre-close statement 
 
 
 
 
White Young Green plc (the "Company" or the "Group") is today issuing the 
following pre-close statement for the year ending 4 July 2009. 
 
 
Trading 
 
 
The Board's expectations remain unchanged from those announced on 18 May 2009. 
 
 
As previously announced, White Young Green will incur significant exceptional 
costs in the year ending 4 July 2009. These exceptional costs arise 
predominately from the restructuring of the Group and relate to redundancy and 
office closure costs, impairment of goodwill and the writedown of work in 
progress and accounts receivable balances. The final level of impairment and 
writedown required will be determined following a balance sheet review after the 
year end, and will be announced as part of the Company's full year results 
announcement. 
 
 
 
 
The Group continues to make significant progress in implementing its strategy 
which is centred on creating more focused and efficient businesses and 
internationalising WYG.  The restructuring of the Group's operations is 
substantially complete as planned as the year end approaches.  Whilst trading 
conditions across the businesses continue to be mixed and challenging, the Group 
has secured a number of significant contract wins in the UK, Republic of Ireland 
and overseas.  These include: 
 
 
  *  WYG International has recently signed a EUR4.9 million contract to support the 
  European Commission to deliver three year programme for regional development in 
  Serbia 
  *  WYG International will be providing consultancy services under a project funded 
  by the European Union aimed at ensuring the effective development and management 
  of migration policy throughout Africa Caribbean and Pacific regions (ACP) 
  *  WYG Management Services has been appointed by the London Borough of Merton to 
  project manage circa GBP7.5m of new buildings and facilities for the 6th Form 
  Curriculum Entry at four schools in Merton (ahead of full redevelopment under 
  Building Schools for the Future) 
  *  WYG Management Services will be supporting the Connect Plus consortium as 
  Construction Design and Management Co-ordinator on a GBP1.25 billion project to 
  widen key sections of the M25 
  *  WYG Environment has been commissioned by Hertfordshire County Council to advise 
  them on the environmental issues on a site in Hatfield to be potentially used as 
  a long term residual waste treatment service 
 
 
 
Financing 
 
 
As previously announced, White Young Green is in discussions with its lenders 
with a view to renegotiating its existing banking facilities. As part of this 
process, the lenders have agreed to defer the forthcoming covenant test date 
from the year end date initially to 31 July 2009. The margin on the banking 
facilities has been increased to 3.0% above LIBOR.  The Board expects that a 
further deferral of the covenant test date will be requested. A further 
announcement will be made in due course as appropriate. 
 
 
 
 
 
 
Enquiries: 
 
 
White Young Green 0113 278 7111 
Paul Hamer, Chief Executive Officer 
David Wilton, Group Finance Director 
 
 
Buchanan Communications              020 7466 5000 
Lisa Baderoon 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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