Results for the year to March 31 2012 show the firm made an operating loss of £3.5m on revenue of £139.9m as a “new WYG” was created.

Chief executive Paul Hamer stressed the financial results were improving with operating losses cut to £1m during the second half of the year from £2.5m in the first half.

A capital restructuring of the consultant was completed last July when £30m was raised via a share placing and £51m of debt was converted into shares.

Hamer said: “The first year of the ‘new WYG’ has been a year of tremendous change and I am pleased to report that we have delivered a financial performance consistent with management’s expectations at the time of the placing in July 2011.

“The considerable improvement in the Group’s performance in the second half of the financial year compared with the first half reflects the continuing benefits of the Board’s strategy and the excellent progress made with implementing the ‘self help’ measures identified last year.”

More than half of WYG’s revenue comes from the UK and Ireland where the company made an operating loss of £4.7m during the period.

The company said: “Whilst low levels of confidence in the UK economy mean that trading conditions remain challenging, we are experiencing a more stable environment and are encouraged by signs of improving levels of activity in specific areas of UK public and private spending where WYG has a strong historical position.”