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WYG confirms significant cash received from its business in Turkey before the year-end

The AIM-listed international programme, project management and technical consultancy said that, as at the opening of business on 2 January 2018, its Turkish subsidiary had received €13.3mln of the around €14.0mln due
Euros received
WYG added that it “remains confident that a significant proportion of the balance will also be paid in due course”

WYG PLC (LON:WYG) shares rose late morning after it confirmed that, as previously flagged, it obtained significant cash receipts from its business in Turkey before the  year-end.

In a statement, the AIM-listed international programme, project management and technical consultancy said that, as at the opening of business on 2 January 2018, its Turkish subsidiary had received €13.3mln of the around €14.0mln due.

WATCH: WYG order book strong despite recent profit warnings

The group also added that it “remains confident that a significant proportion of the balance will also be paid in due course.”

In its Half Year Report, published on 5 December 2017, WYG had referred to the impact on its cashflow of the build-up of working capital in Turkey and stated that: "We expect significant cash receipts from our business in Turkey before the calendar year end".

Around 11.20am, WYG shares were up around 3.3%, or 1.5p at 47.5p.

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