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Styles & Wood improvement continues

2 May 17 Fit-out specialist Styles & Wood has posted solidly improved annual profits despite a reduction in turnover.

Styles & Wood chief executive Tony Lenehan
Styles & Wood chief executive Tony Lenehan

For the year ended 31st December 2016 Styles & Wood made profit before tax of £3.54m, a 50% increase on 2015’s £2.37m.

Revenue for the year was down 9% to £104.7m (2015: £115m), primarily due to deferral of project and programme work into 2017, the company said.

Net debt was reduced by 71% during the year from more than £1.4m to £410,000.

Chief executive Tony Lenehan said: “I am pleased that the group was able to carry forward the momentum generated in 2015 to deliver further improvement in underlying profit for the year, as our selective approach to new business opportunities and cross-sector diversification continues to benefit the group. Additionally, we have made significant progress with our diversification strategy. The acquisitions of Keysource and, post-period The GDM Group, further broaden our service line capabilities and reinforce our differentiated position within our core markets.

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“The group goes into 2017 in good shape, with a healthy forward order book, strong balance sheet and an unrelenting focus on delivering a truly integrated property services solution to our customers. We have a solid platform to deliver sustainable growth and look to the year ahead with confidence.”

Styles & Wood acquired Keysource, a data centre specialist, in September 2016 for an initial consideration of £4.5m, with contingent consideration of up to £5m payable dependent on financial performance up to the end of 2018.  In the period following acquisition, Keysource contributed £0.4m of underlying profit before tax to group performance on revenues of £3.2m.

Building services engineer GDM was bought after the end of the financial year for an initial consideration of £4.0m, satisfied in cash and shares, with further potential deferred and contingent cash consideration, up to £3.1m, linked to performance over the next three years.

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