Revenue for the six months ended 30 June 2011 had held steady at £40.3m compared with £40.2m for the same period last year. The gross margin has improved to 7.9% from 7.4% and the company has replaced the 2010 half year loss of £0.1m with an operating profit of £0.1m.
It reported a growing workload with retail department stores and public sector contracts secured for the refurbishment of educational establishments. It has also been developing a sustainability offering to include photovoltaics and modular building.
"This has been a period of significant transformation for the Group and I am pleased with the achievements in the six months since I joined S&W,” said CEO Tony Lenehan. “Despite the current economic environment, we have been able to deliver an improved set of results that reflect our decision not to chase revenue at the expense of margin. The changes implemented following the strategic review mean that the Group now has a broader platform for sustainable, profitable growth. While we expect market conditions to remain challenging we are encouraged by the Group's order book and by the diverse range of new opportunities."
The underlying loss before tax for the six month period was £0.2m, an improvement on last year’s figure of £0.5m for the same period. The loss before tax remained steady at £0.9m.
Styles & Wood’s net cash position in the interim results was £2.4m, down from £5.3m last year.The loss per share remained the same at 1.3p.