Styles & Wood cuts losses but revenue falls
LISTED office and shop fit-out specialist Styles & Wood saw revenues fall 28% last year but the group cut its losses and said it was encouraged by second-half trading.
In the 12 months to December 31 turnover fell from £139m to £99m. The business ended the year with a pre-tax loss of £703,000 although this was an improvement on £1.8m last time.
Styles & Wood also gave a profit figure adjusted for non-recurring items and preference share accounting. After taking this into account the company made a pre-tax profit of £510,000, down 30% on 2009 when the same exceptionals are taken into account.
The company based in Timperley near Altrincham said it had carried out 1,000 jobs during the year in 100 different towns and cities. Some 70% of the work was repeat business.
Despite the fall in revenue the company said margins had improved and it gained business in the commercial and banking sectors. It admitted business in the coming year was likely to be affected by public spending cuts but said there would be opportunities with new and existing customers.
Chief executive Tony Lenehan said: “The more promising signs seen in the second half have continued into 2011 with current trading ahead of the same period 12 months ago. Whilst we expect markets in certain sectors to remain challenging, the group will continue to focus on delivering improved margin performance and sustainable profitable growth.”
He added: “In the short time I have been in the role, I have been greatly encouraged by both the quality of the group’s diverse range of services and calibre of our staff and I look forward to working with them to take the group forward through its next stage of growth.”
