Styles & Wood to break even

REFURBISHMENT group Styles & Wood said today profits for the year will break even following a turbulent few months at the firm.

In a statement to the stock market, Altrincham-based Styles & Wood said revenue for the 12 months to December 31 is expected to be in line expectations.

It said profits have been affected by a shortfall in margins relating to historic projects.

The group has had a torrid time in recent months with a boardroom shake-up that saw Ivan McKeever take over at the helm as chief executive, a raft of redundancies equivalent to 20% of the workforce, as well as revenue and profits tumbling as retailers postponed planned refurbishment programmes.