Styles&Wood revenue climbs to £46.2m

PROPERTY services and project delivery specialist Styles&Wood has shown clear evidence of the continuing buoyancy in the sector with a 37% increase in its revenue to £46.2m from £33.6m.

In the first six months of 2015, the recovery of its turnover continued from 2014 with H1 revenue at its highest level for more than five years.

The Altrincham company’s offering of services to its framework customers helped increase income from professional services to £35.1m (H1 2014: £22.4m).

The group recorded an underlying profit before tax of £0.2m (H1 2014: £0.5m loss) which after non-recurring costs of £0.3m (H1: £0.3m) and notional interest on Convertible Preference Shares of £0.4m (H1 2014: £0.4m) resulted in a loss before tax of £0.5m (H1 2014: £1.2m).

Chief executive Tony Lenehan said that the successful completion of a major refinancing in June 2015 substantially strengthened the its balance sheet at the period end.

“The resultant lower net debt will better enable Styles&Wood to continue to pursue its growth agenda,” he said.  “In conjunction with the refinancing, the group has achieved interim results that are a significant improvement over prior year in terms of revenue, profit and cash.
 
“This performance is a strong endorsement of the success of the group’s diversification strategy and selective approach to new opportunities.

“We remain confident that the sectors and segments in which we operate are continuing to provide accessible and sustainable sources of new business opportunities.

“ The associated demand for integrated property support services is increasing.  This trend complements our strategy to provide a differentiated offer which combines expert systems and design with a core programme and projects delivery capability.”

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