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News » UK » Styles & Wood doubles profits » published 29 Sep 2017

Styles & Wood doubles profits

Fit-out specialist Styles & Wood has more than doubled its half-year profits and reported double-digit revenue growth.

Styles & Wood chief executive Tony Lenehan Above: Styles & Wood chief executive Tony Lenehan

For the six months to 30th June 2017 Styles & Wood Group generated revenue of £55.5m, up 18% from £47.1m in 2016 H1. Profit before tax was £900,000, up from £400,000.

One of the highlights of the first half for Styles & wood was its appointment for the pre-contract and early works phases for India Buildings in Liverpool, a 250,000 sq ft refurbishment project to provide a new HMRC regional office. 

Chief executive Tony Lenehan said: “The group has again delivered a strong performance in the first half of the year, following on from that reported for 2016.  Revenue, EBITDA and profit before tax all show good growth. The group is driving strong organic growth, reflected in the improved order book and new framework appointments. It is particularly pleasing to see healthy contributions from both recent acquisitions, Keysource and GDM, which have additionally realised early synergies and are also progressing well from an integration perspective. The current order book position and trading forecasts remain in line with management expectations for the full year.”

On 27th July 2017, Styles & Wood incorporated a 50/50 joint venture with Extraspace Solutions (UK).  The JV, called Spatial Initiative Ltd, will offer specialist services including modular build and refurbishment to the education market. 

 

 

 

MPU

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This article was published on 29 Sep 2017 (last updated on 29 Sep 2017).

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