Property company hungry for more after spectacular results
THE chief executive of listed Manchester property company Styles & Wood Group is forecasting another year of success with organic growth and acquisitions high on the agenda.
Tony Lenehan was speaking after the group reported soaring pre-tax profits and an impressive increase in revenue in its results for the year ended December 31.
Profits were up 309% to £2.4m (2014: £0.6m) while turnover for the Manchester company climbed 18.6% to £115m (2014: £97m). Basic earnings per share are up 694% at 25.4p (2014: 3.2p).
Its strong position has been helped by securing its positions as strategic delivery partner with TSB on a five-year framework with a £15m projected annual revenue.
Styles & Wood has also completed the comprehensive modernisation and fit-out of Lancaster University Library.
The company has also delivered the City Gate office refurbishment and structural reconfiguration in central Manchester for Hermes Real Estate.
In addition, it has been appointed to carry out the £17.7m refurbishment of Westminster House, on Portland Street in Manchester for Aviva Investors.
Styles & Wood has also been commissioned as the technologies lead for the integrated solution to rollout a comprehensive ATM replacement programme for TSB.
Lenehan told TheBusinessDesk: “Clearly for us the key has been the focus around diversification and selectivity, picking areas of our business where we can see sustainable growth.
“These are projects, programmes and professional services where this has been the case for the last 12 to 18 months.
“We’re now seeing a sensible and attractive level of growth for 20-16. We’ve got very clear aims about selling more of our services to our customers.
“High on our agenda is the deal we struck with TSB at the end of last year. We’re focused on more similar opportunities and we aim to pursue further growth, both organic and through acquisitions in the year ahead.”
Group finance director Philip Lanigan said the Styles & Wood balance sheet was very strong following a refinancing deal with Barclays in October.
“It has provided us with a robust platform to support the growth agenda,” he said. “Financing costs are down to £1m and EBITDA is a healthy £4m.”
Meanwhile, Matt Widdall has joined the board of the AIM-listed company as non-executive director.
