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Improvement for Styles & Wood

26 Sep 14 Half-year results for fit-out contractor Styles & Wood show a 17% fall in turnover but a 40% fall in pre-tax losses.

CEO Tony Lenehan
CEO Tony Lenehan

In fact, at the operating level, the firm managed to break even.

For the six months to 30 June 2014, Styles & Wood had revenues of £33.6m (2103 H1: £40.4m).

Pre-tax loss was £1.2m (2013 H1: £2.0m loss).

The underlying operating position improved to break even, (2013 H1: £0.8m loss), attributed to a changing business mix and management focus on margin improvement. 

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CEO Tony Lenehan said: "There are increasing levels of activity and confidence in the sectors in which we operate which have begun to translate into a number of significant contract wins, as well as a growing order book as we move into the second half.

“Our improved performance endorses management's strategy of diversifying the group's product mix to focus on the needs of our clients. We now have an improving pipeline of new business opportunities and are able to differentiate our refurbishment and fit out offers through the integration of other service lines including space planning and management systems.

“We have identified a number of growth opportunities across key sectors and believe the group is now right sized and well positioned to take advantage of the growing confidence in our core markets."

Earlier this year Styles & Wood undertook a capital reorganisation and transferred its listing from the Official List to the AIM market of the London Stock Exchange. The board said the move would give the company greater "regulatory flexibility to agree and execute certain transactions more quickly and cost effectively, while the capital reorganisation will provide the ability to make future share issues should the appropriate opportunity arise".

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