Styles & Wood shifts focus to bank and office fit outs

Grant Prior 14 years ago

Styles & Wood is looking to return to profit later this year on the back of increasing workloads in the office and banking sectors.

Results out today show the firm made a small loss of £100,000 during the six months to June on turnover down to £40.2m from £74.8m last year.

But chief executive Ivan McKeever is confident the market has turned the corner and the company saw more orders in June than for any month during the last two years.

A slump in spending on store refurbishment programmes hit turnover leading to Styles & Wood shifting more resources into the office and banking sector.

Retail work represented 66% of revenues during the reporting period compared to 77% last time while office and banking saw its share of turnover rise to 38% from 23%.

Key customers now include Lloyds Banking Group, Barclays, Nationwide, RBS, Trillium, Mapeley and Bruntwood.

McKeever said: “Trading conditions in our major markets remained difficult in the first half of this year.

“However I am pleased with the progress we have made against our turnaround strategy and despite the extremely challenging market conditions we expect to return the business to profitability in this financial year.

“Our drive into the Office and Banking sector has helped to offset the continued weakening of the Retail sector.

“After a difficult first few months in 2010 there are encouraging signs that the turnaround plan is beginning to take effect.

“Our order book has strengthened over the last quarter and at 30 June stood more than 10% above the position 12 months earlier. We therefore anticipate a significant weighting towards the second half of the year in both revenue and profitability.

“Having successfully refinanced the Group in 2009 our objective is to return the business to profitability in 2010 before growing market share in 2011.

“As the business continues to strengthen the Board is confident that it can deliver on this strategy.”

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