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Wed June 16 2021

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Profits up for rejuvenated Styles & Wood

6 Apr 16 A cash injection and a more selective approach to bidding have led to a substantial improvement in profitability at fit-out contractor Styles & Wood.

Chief executive Tony Lenehan
Chief executive Tony Lenehan

As recently as 2013 Styles & Wood was losing money but in 2015 the company made a pre-tax profit of £2.4m (2014: £600,000) on revenue up 19% to £115.0m (2014: £97.0m).

The gross margin improved to 9.3% (2014: 8.5%), which was attributed to the more selective approach to new business opportunities.

Styles & Wood refinanced its balance sheet during the year, securing new investment interest from Henderson Volantis and the Business Growth Fund.

Contract awards during the year included the £17.7m refurbishment of Westminster House, in Manchester’s Portland Street for Aviva Investors and a £15m a year deal with the TSB to refit its banks over the next five years.

Chief executive Tony Lenehan said: "The group has built on a strong prior year performance and delivered double digit growth in both revenue and profit during 2015 as well as an improvement in gross margin. This is a further positive endorsement of a clearly defined strategy promoting diversification and a selective approach to new business opportunities.

“The successful refinancing transaction carried out in June 2015, combined with improved trading performance, has significantly strengthened the group's balance sheet. Our order book remains robust and provides the board with confidence in the group's ability to deliver double digit growth in the forthcoming year, in line with management expectations."

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