Styles&Wood profits top £3.5m
Greater Manchester-based property company Styles&Wood has enjoyed a near-50% increase in pre-tax profits to £3.54m despite a dip in revenue of 8.9%.
Turnover for the listed Sale firm fell to £104.7m from £115m in the year to December 31 but profits went up from the prior year’s figure of £2.37m, a rise of 49.4%.
During the period, the company was appointed as one of four strategic partners by one of the world’s largest banking and financial services organisations for its UK capital plan.
It was also confirmed as automation partner for one of the UK’s major high street banks providing a turnkey solution for ATM/rebrand services.
Styles&Wood also started the specialist design build fit out works commenced for Addleshaw Goddard’s corporate offices in One St Peter’s Square, Manchester.
Meanwhile, a contract successfully negotiated for the programme management, design and delivery of projects for a national, format enhancement initiative for a UK major grocery retailer, for about £15m.
Its second major project commenced for Aviva in London following on from the ongoing works to Westminster House in Manchester.
The company said it demonstrated cross-sector expertise with Healthcare projects success, a fertility clinic for Care UK and a refurbishment scheme for BUPA, and the development of a new multiple projects relationship with easyHotels
Corporate highlights included the acquisition of Keysource, expanding Group’s services to include data centre and critical facilities work.
There was also the post-period acquisition of The GDM Group and new banking facilities arranged with Santander UK, comprising a £5m revolving credit facility to support growth.
Chief executive Tony Lenehan said: “I am pleased that the group was able to carry forward the momentum generated in 2015 to deliver further improvement in underlying profit for the year, as our selective approach to new business opportunities and cross-sector diversification continues to benefit the group.
“Additionally, we have made significant progress with our diversification strategy. The acquisitions of Keysource and, post-period The GDM Group, further broaden our service line capabilities and reinforce our differentiated position within our core markets.
“We go into 2017 in good shape, with a healthy forward order book, strong balance sheet and an unrelenting focus on delivering a truly integrated property services solution to our customers. We have a solid platform to deliver sustainable growth and look to the year ahead with confidence.”
