Preliminary Results to March 2013

Paul Hamer, Chief Executive Officer Sean Cummins, Finance Director

© Crown Copyright

• A specialist in front-end enabling services

• Support clients to create an asset or facilitate change programmes

• Key client bedrock – grow as they grow

• Higher margin / lower risk positioning

• High proportion of contracts are over several years or long term framework agreements

A global project management and technical consultancy

Group overview

Strategic definition

Preparation Concept design

Navigate local regulations and industry

practices

Supervise implementation

2

3

Spread of the business

Turnover by funding sector*

Donor funded 32%

Private Sector 34%

Turnover by region*

UK 60% ESAA 26%

MENA 14%

Defence and Justice

Environment

Urban and Commercial Development

Transportation

Mining, Metals and Minerals

Social Development and Infrastructure

Seven core sectors

Energy and Waste

*Based on revenues for the year ended 31 March 2013

Other Public Sector

Funded 34%

Recent achievements

Transformed the Group: • reduced headcount by c.60%; closed 40 offices • introduced critical risk management and governance processes

Capital restructuring and refinancing

Returned to profitability

Improving efficiency by focussing on key regions and sectors

New management team appointed in 2009 to restructure the group

4

Highlights

“Results ahead of expectations following a strong second half”

• Return to profit before tax* for the full year; strong H2 on H1 improvement

• UK Region delivered an operating profit for the 12 month period

• Improved profitability in ESAA; stable profits in MENA following investment

• Overall trading performance ahead of the Board’s expectations

• Revenue and order book reflect planned reduction in non-core markets

• Reduced legacy costs ahead of expectations

• Cash position at 31 March 2013 ahead of the Board’s expectations

*before separately disclosed items 5

Consolidated income statement

* Before separately disclosed items

H1

6 months to

Sep 2012

£m

H2

6 months to

Mar 2013

£m

2013

Total

2012

Total

Total revenue 61.8 63.9 125.7 139.9

Operating profit/(loss)* 0.3 1.5 1.8 (3.5)

Finance costs (0.7) (0.4) (1.1) (2.3)

(Loss)/profit before tax* (0.4) 1.1 0.7 (5.8)

Tax charge (0.1) - (0.1) (0.5)

(Loss)/profit after tax* (0.5) 1.1 0.6 (6.3)

Adjusted (loss)/profit per share*

(0.8p) 1.7p 0.9p (7.4p)

6

Consolidated balance sheet

* Includes restricted access amounts

31 March 2013

actual

£m

31 March 2012

actual

£m

Goodwill 11.6 11.6

Fixed assets 7.0 8.9

Debtors and WIP 46.1 56.9

Fees in advance (15.2) (22.6)

Net working capital 30.9 34.3

Creditors (33.9) (34.9)

Legacy provisions (17.8) (26.1)

Net cash* 18.6 24.2

Shareholder funds 16.4 18.0

7

Consolidated cash flow statement

2013

£m

2012

£m

Operating profit (before separately disclosed items) 1.8 (3.5)

Depreciation and amortisation 1.7 1.9

Movement in working capital 5.6 (1.1)

Movement in bonded fees in advance (6.2) (4.0)

2.9 (6.7)

Interest and tax (1.0) (2.5)

Capex (1.3) (2.0)

Debt write off and capital restructuring - 74.0

Legacy cash costs (6.2) (9.4)

Movement in net cash (5.6) 53.4

Opening net debt 24.2 (29.2)

Closing net cash 18.6 24.2

Restricted cash 3.8 7.8

Unrestricted cash 14.8 16.4

8

Guidance

• Revenue trend – we are not planning growth in revenue this year

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

• Operating costs – very modest reduction

• Interest costs – further reduction as EU bonds mature

• Tax – still settling down, but c.15% expected

• Capex – slight increase from previous year as we upgrade our IT software

• Debtor & WIP days – having reduced through 100 days now target <90 for

this year end

• Legacy cash – £3.5m against provision, £4.5m further unwind of EU advances

• Cash balance – we expect to be slightly cash positive this year

*before separately disclosed items 9

10

UK – stable with improving margins

UK 61%

2013

£m

2012

£m

Revenue 74.9 78.9

Operating profit/(loss)* 0.1 (4.7)

Operating margin* 0% -6%

• Defence and Justice - Central government clients drive for efficiency across their estates creating growth

• Energy – Nuclear and renewables contributing strongly to overall regional performance

• Urban Development – Planning and permissions for residential and retail markets remain strong

• FY14 order book cover – 34%

*before separately disclosed items

Basing Optimisation Programme, UK: optimising the British Army’s estate so personnel and their families have a stable base from which to live and work, while Britain as a whole benefits from the economic savings delivered by the project.

New UK Plc strategy creating growth opportunities across the business

11

2013

£m

2012

£m

Revenue 17.1 15.3

Operating profit* 0.1 0.1

Operating margin* 1% 1%

• Turkey - performed well and diversification into new sectors continues

• Gulf – Trading Platforms and key partnerships established

• Targeting Gulf and North Africa growth through:

• Following core clients into Fragile States – MOD / DFID

• Sector focus in Tier 1 countries – KSA/Oman/Qatar/Libya

• FY14 order book cover – 73%

MENA – a year of investment, growth in the Gulf

*before separately disclosed items

Water and Wastewater Infrastructure, Turkey: actively supporting the government in meeting the levels of environmental compliance that are a prerequisite in enabling the country to move a step closer to joining the EU.

12

2013

£m

2012

£m

Revenue 33.7 45.7

Operating profit* 1.6 1.2

Operating margin* 5% 3%

• Continued success as market leader across Western Balkans – IPF1 to IPF3

• Localisation creating growth – WYG Croatia /WYG South Africa

• Diversification success – CRIDF, and GEFA and Wealth Creation Frameworks

• Significant future growth opportunities with donors – DFID/EBRD/ADB

• FY14 Order book cover – 79%

ESAA – merged & strengthened, the engine for growth

*before separately disclosed items

International Technical Assistance Programme of Support to Local Economic Development in the Eastern Cape Province, South Africa: tackling poverty through the empowerment of local people.

Delivering on our strategy

Complete £15m PBT Journey

by 2015/16

• Strengthening core customer relationships

• Following client activity to grow from key regions

• Gaining access to growth markets; partnership and acquisition

• Cash and profitability focussed

• Building quality revenues

• Improving utilisation

• IT, PI, property and overheads reducing ahead of plan

Creating top line growth

Improving business

performance

Legacy cost reduction

13

+9

-6

Mar 14

Key opportunities/market drivers

• Growth across core client base – MOD/MOJ/FCO

• Critical need for Energy – Nuclear, Renewables and Green Energy

• Deepening our Enabling Services – Urban Design and Site development

UK

• Fragile States and Stabilisation support – MOD/FCO/DFID

• Emerging Markets Opportunity – Libya/Iraq

• Urbanisation across Turkey and Region – Planning, Infrastructure and Transport

MENA

• Major pipeline of opportunity with DFID – 3 major frameworks

• Maintain leadership position across Accession countries – IPF 4

• Grow our emerging territories – Africa/Asia

ESAA

Collaborating with global players and recruiting sector specialists to drive growth…

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Stabilisation – our key growth theme

Principles

• Grow domestic clients in international markets – ‘Follow the People’

• ‘Acquire’ access to new funding stream – ‘Follow the Money’

FCAS & Stabilisation Framework

‘New Combined Fund’

MOD

CEST and Fragile States

Embassy Roll-Out and

Upgrades

FCO DFID

Wealth Creation

GEFA

Highland/WYG Access to small

and large opportunities

15

Conclusion and outlook

• Considerable progress, delivering on our strategy

• Better than expected return to profit and strong finish in FY 2013

• Strong cash performance continues into new financial year

• Enhanced business performance generating organic margin growth

• Anticipate profit 10% higher than current FY 2014 consensus

• Reviewing selective acquisitions to accelerate growth in key markets

• Management incentivised to deliver shareholder value

• Strong platform from which to focus on achieving sustainable growth

16

WYG targeting £9m+ PBT by 2015/16

Appendices

17

© Crown Copyright

Consensus Forecasts @ 3 June 2013

2012/13 £m

2013/14 £m

Revenue

125.0

128.0

Profit before taxation

0.5

3.2

Margin

0.0%

2.5%

Net Cash

16.0

17.9

Source: Numis 18

Group history 1997 - 2011

Over geared

Heavy exposure to UK/Irish

markets

Lack of focus

Un-integrated acquisitions

High risk environment

Deteriorating market

conditions

1997 Merger of Ernest Green and White Young to form White Young Green plc (market cap £12m)

1999 Entered Ireland

2000 Established international business

38 acquisitions including 12 in Ireland and Northern Ireland

Substantial operational and financial restructuring

2009 New management team Launched three part strategy Refinancing for survival

2009-2011 Headcount reduced from 3,500 to c.1,400 40 office closures in UK & Ireland Focus on core capabilities Introduced critical risk management and governance processes £110m annualised cost reduction

2011 Capital restructuring and refinancing for growth

1997 - 2009 2009 - 2011

19

Capital raising

Capital raising completed within a six week timescale on 12 July 2011. Raised £30m net of expenses through a placing on AIM. Placing was oversubscribed. Resulted in a much strengthened balance sheet and significant positive cash balances.

Shareholder % Cumulative %

Artemis 16.4 16.4

Golden Peaks 10.8 27.2

Legal & General 9.9 37.1

Hargreave Hale 9.6 46.7

Robert Keith 9.3 56.0

Soros 9.0 65.0

Aviva 8.6 73.6

Henderson 7.3 80.9

Fidelity 6.3 87.2

Others 12.8 100.0

100.0

Shareholders as at 15 May 2013

20

The team Mike McTighe, Chairman • Appointed to the Board in August 2009

• Chairman of Volex Group plc and JJB Sports PLC, a member of the Board of Ofcom and Chairman of a number of private companies

• Ex Chairman of Pace plc, previously Chairman and CEO of Carrier I International S.A. and Executive Director and Chief Executive, Global Operations of Cable & Wireless plc

Paul Hamer, CEO • 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

• Immediate Past Chairman of ACE – Association for Consultancy and Engineering

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 and is 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 restricted to Group Leadership Team, consisting of 20 most senior leaders in 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% vests

– £1.25 – 67% vests

– £1.50 – 100% vests

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

22