The contractor warned trading conditions in the property market had been exceptionally challenging, with reductions in construction output of 11.3% over the past 12 months having a substantive impact on its markets.
In a second-half trading statement Styles and Wood said it was on track to deliver profit forecasts helped by a strategic push into into the education, health and commercial sectors and strong retail bank orders.
“We have secured a number of projects in the commercial sector which, combined with a high level of activity in our banking frameworks, give the group an opening order book of £32.2m for 2013, which is more than 20% ahead of prior year,” said the firm.
Styles & Wood added that it maintained a strong focus on cost control and cash management.