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Mon June 21 2021

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Profits growth for Styles & Wood

25 Apr 13 Fit-out contractor Styles & Wood saw its profits climb in 2012 on revenue slightly down.

CEO Tony Lenehan
CEO Tony Lenehan

Operating profit was up 20% to £2.3m (2011: £1.9m) while revenue was down 3% to £97.9m down 3.0% (2011: £101.0m).

Pre-tax profit before was up from £500,000 in 2011 to £800,000 in 2012.

Net cash stood at £3.6m (2011: £6.7m) while the order book 15 weeks into 2013 is up at £61.9m (2011: £56.4m).

CEO Tony Lenehan said: “2012 was an encouraging year in terms of both profit and earnings per share. The group successfully delivered a 20% increase in operating profit and a fivefold rise in EPS. Importantly, these results were accompanied by an increase in gross margin to 8.7%, a positive endorsement of the group's strategy for profitable growth.”

He added: “A selective approach to new business opportunities has helped establish successful relationships and reference projects in our new strategic sectors. Consolidation of our position as a top performer on frameworks in the banking sector supports sustainable revenue streams, where we have provisionally been allocated £50m of work for 2013. Our organisational structure, operating platform and management systems have been developed to better support enhanced business performance and create a more efficient overhead base. Whilst revenue is slightly below the prior year, we successfully secured and delivered £35m of project work for new customers during 2012 and built a carry through project workload of another £15m for 2013.”

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