Styles & Woods forewarns of turnover slippage

MANCHESTER-based property services company Styles & Wood has said  that 2016 revenues will 9% down on last year’s figure of £115m.

Styles & Wood said this was due to the accounting treatment for the recognition of revenue related to frameworks and projects awarded to the group in the second half of 2016 with carry through workload for 2017.

“Whilst pre-commencement activities began during the period, significant proportions of the associated work streams were carried over into 2017 resulting in a corresponding impact on the revenue recognised in 2016,” it said in a trading statment to the stock market.

However, the company is on course to deliver strong underlying profit and margin performance for the 2016 financial year and it said that its results, announced later this month, will show adjusted profit before tax in line with board expectations.

Styles & Wood added that 2017 had begun strongly with the group’s order book at week 10 for 2017 35% ahead of the previous year strengthened, by positive performance through the recent acquisitions of Keysource and GDM Group.