WYG head of finance steps down following profit warning

26th Feb 2019 08:29

(Sharecast News) - Professional services company WYG revealed on Tuesday that chief financial officer Iain Clarkson had stood down from its board with immediate effect.WYG said it was taking steps to identify a replacement for Clarkson, who joined the firm from Amec Foster Wheeler in June 2016, with senior managers within its group finance team reporting directly to its board through chief executive Douglas McCormick until such a time as a successor is found.Earlier in February, WYG shares tanked as it warned that full-year operating profits would be "materially" below current market expectations as its UK consultancy business takes a hit from Brexit-related uncertainty."As a result, we think it necessary to take a more cautious view as to the likely outturn for our UK business for the year such that we no longer expect to see the marked increase in our UK activity that has been typical of the final quarter of our financial year in the past," it said.The AIM-listed group also warned that it would not meet either of its net debt to EBITDA or interest cover covenants within its facility agreements for 31 March.As of 0830 GMT, WYG shares were up 4.72% at 16.75p.