Structure Tone reduces losses to £3.5m

Aaron Morby 1 year ago
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London fit-out specialist Structure Tone has reduced its pre-tax losses to £3.5m, down from a £7.9m in 2018 because of two problem jobs.

UK chief Danny Blakeston says forecasts for 2020 anticipate solid performance despite the impact of COVID-19
UK chief Danny Blakeston says forecasts for 2020 anticipate solid performance despite the impact of COVID-19

The firm, which is part of $7.8bn global construction services business STO Building Group, said it expected to recover this year as it closed out the projects, which encountered design and programme issues.

One of the jobs was commercially resolved last year, with write-downs taken on the second, where the final account still needs to be resolved through commercial negotiation.

In a statement with last year’s results, Structure Tone said: “The directors remain confident in the strategy and further opportunities in the UK market.

“Consequently in April 2020, the shareholders increased the equity of the company by £4m.”

Revenue this year due to the size of the committed order book is expected to remain in line with 2019’s level of £104m.

In June, ISG’s Danny Blakeston joined the group as managing director of the UK business, replacing Dean Manning.

He said: “Since taking up the post of managing director of Structure Tone London, I have overseen a number of changes to improve our corporate governance and enhance our performance as a more collaborative, customer-focused business.”

The London team is currently working on a number of major projects including WPP Rose Court, Eataly, Gyron, and 100 Liverpool Street.

Established 32 years ago, Structure Tone (UK), delivers projects up to £75m, although its core business involves contracts under £5m for clients who are renovating or expanding their facilities.

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