Styles & Wood braced for half-year losses

Grant Prior 12 years ago
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Fit out specialist Styles & Wood is set to sink back into the red as intense margin competition continues to blight the sector.

Styles & Wood posted an underlying pre-tax profit of £100,000 for the first half of 2012.

But the firm said this year’s six month performance would be “significantly below the prior year.”

Revenue is expected to be up on last year’s £40.6m but profit has been hit by market conditions “which have remained challenging with intense competition.”

In an update to the City today, Styles & Wood added: “We expect our revenues and profits to be heavily skewed towards the second half of the year.

“Despite the challenges faced, the Group has continued to invest in its diversification into new sectors securing a number of significant contract wins across the healthcare, solar and commercial sectors.

“The Group maintains robust relationships with key customers in the banking sector and has strong visibility of framework allocations for the remainder of 2013.

“With an order book ahead of the prior year and further progress made on the Group’s diversification strategy, the Board expects full year trading to be in line with market expectations.”

 

 

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