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Styles & Wood curtails half-year losses

23 Sep 15 Refurbishment and fit-out specialist Styles & Wood continues to lose money but sees opportunity in the travails of the major supermarket chains.

Chief executive Tony Lenehan
Chief executive Tony Lenehan

In the first half of 2015 Styles & Wood made a pre-tax loss of £500,000, although this was better than last year, when it lost £1.2m in the first half.  Revenue was up 37% in the six months to 30th June 2015 to £46.2m (2014 H1: £33.6m). This was the highest six-month sales for more than five years.

Chief executive Tony Lenehan said: “We remain confident that the sectors and segments in which we operate are continuing to provide accessible and sustainable sources of new business opportunities.”

Take supermarkets, for example: “UK major grocery retailers have undergone a significant change in property strategy with a move from new space acquisition to improvement and enhancement of existing formats and layouts,” he said. “Significant new opportunity is anticipated in this retail segment over the next two to four years.”

He added: “The previously anticipated recovery of property refurbishment and fit out services to 2008 levels by 2017 remains a realistic target.”

Styles & Wood completed a major refinancing in June 2015, which has strengthened its balance sheet, reducing net debt from £17.5m to £6.4m.

With the order book growing, the board expects full-year revenues to be approximately 20% ahead of 2014’s £97m.

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