WYG said the UK market was being hit by economic uncertainty leading to delays and deferrals across the public and private sectors.

The hold-ups mean WYG will breach its banking covenants and the firm has “opened discussions with our lending bank with a view to securing a deferral or waiver of the relevant covenant tests.”

Douglas McCormick, Chief Executive Officer of WYG, said: “While it is disappointing to be revising expectations today, subdued domestic economic conditions and the headwind from political uncertainty is affecting many businesses’ willingness to commit to major new projects.

“This has particularly affected the construction sector which underpins much of our business in the UK.

“Our strategy of developing a simpler, more robust platform and driving efficiencies continues.

“I am confident that the actions we are taking will improve the longer term prospects of the business and we will look to accelerate these actions to mitigate against the impact of an unusually difficult final quarter in the current uncertain macro-economic environment.”