Strategic relations lift Styles & Wood
Fit-out contractor Styles & Wood has turned around last year’s first-half losses to return to profit.
For the six months ended 30th June 2016, Styles & Wood made a pre-tax profit of £0.4m (2015: £0.5m loss) on revenue up 2% to £47.1m (2015 H1: £46.2m).
The gross margin improved to 9.9% for the period, from 8.4% last year.
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.”
Two-thirds of the business is now repeat business through frameworks and strategic relationships, particularly with big retail chains such as supermarkets and financial institutions such as high street banks. It also has a new serial projects relationship with Easy Hotels.
“Our appointments as preferred service supplier to strategic customers now typically have committed durations of between two and five years,” said Mr Lenehan. “Coupled with a tender conversion ratio better than one in three, by both number and value, the group is now establishing more predictable income streams to further enhance profitable growth.”
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This article was published on 19 Sep 2016 (last updated on 19 Sep 2016).