Property firm’s stellar success continues
MANCHESTER-based property company Styles & Wood has nearly doubled its year-on-year profits in the first six months of 2016.
The listed firm attributed its success to repeat business from customers and through its professional advisers, which accounted for about 75% of group revenues, characterised by an increase in gross margin to 9.9%.
Underlying profit increased 88.2% ro £1.1m (H1 2015: £0.6m) in the period to June 30 and revenue increased 2% to £47.1m (H1 2015: £46.2m).
Highlights include 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.
There was also the specialist design build fit out works started for Addleshaw Goddard’s corporate offices in One St Peter’s Square in Manchester.
In addition, a second major project started for Aviva in London following on from the ongoing works to Westminster House in Manchester. Around 150,000sq ft of high quality space is currently under refurbishment for the client.
Appointment has been confirmed as automation partner for one of the UK’s major high street banks providing a turnkey solution for ATM/Rebrand services.
More than 900 discrete projects and building interventions have been successfully programme managed and implemented with a similar volume planned for implementation during 2017.
The company’s diversification strategy has also been strengthened with healthcare projects success, a fertility clinic for Care UK and a refurbishment scheme for BUPA, and the development of a new serial projects relationship with Easy Hotels.
Chief executive Tony Lenehan said: “The group has delivered a strong performance in the first half of the year with revenue, EBITDA and profit before tax all showing good growth supported by strong cash generation.
“This is a particularly pleasing set of interim results, which provides further positive endorsement of the group’s diversification strategy and, as demonstrated by improved margin performance, our selective approach to new business opportunities.
“We have had significant success in securing longer term contracts with a number of blue chip clients, illustrating the relevance and strength of our service offering.
“The longer term nature of these contracted framework arrangements has also strengthened the projected carry through workload position for 2016/17 relative to prior year.”
