Spectacular growth for property services group
STYLES & Wood Group, the integrated property services and project delivery specialist, has trumpeted soaring pre-tax profits and impressive revenue growth.
Profits for the year ending December 31 were up 309% to £2.4m (2014: £0.6m) while turnover for the Manchester company climbed 18.6% to £115m (2014: £97m). Basic earnings per share are up 694% at 25.4p (2014: 3.2p).
Its strong position has been helped by securing its positions as strategic delivery partner with TSB on a five-year framework with a £15m projected annual revenue.
Styles & Wood has also completed the comprehensive modernisation and fit-out of Lancaster University Library.
The company has also delivered the City Gate office refurbishment and structural reconfiguration in central Manchester for Hermes Real Estate.
In addition, it has been appointed to carry out the £17.7m refurbishment of Westminster House, on Portland Street in Manchester for Aviva Investors.
Styles & Wood has also been commissioned as the technologies lead for the integrated solution to rollout a comprehensive ATM replacement programme for one of the UK’s leading high street banks.
The company said it had benefited from successful refinancing, strengthening its balance sheet and providing a more appropriate capital structure.
Meanwhile, Matt Widdall has joined the board of the AIM-listed company as non-executive director.
Chief executive Tony Lenehan said: “The group has built on a strong prior year performance and delivered double digit growth in both revenue and profit during 2015 as well as an improvement in gross margin.
“This is a further positive endorsement of a clearly defined strategy promoting diversification and a selective approach to new business opportunities.
“The successful refinancing transaction carried out in June 2015, combined with improved trading performance, has significantly strengthened the group’s balance sheet.
“Our order book remains robust and provides the board with confidence in the group’s ability to deliver double digit growth in the forthcoming year, in line with management expectations.”
