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Tue April 13 2021

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Turnaround at Styles & Wood

19 Jun 15 Fit-out contractor Styles & Wood Group returned to profit in 2014 after a loss-making year before.

Styles & Wood has reported revenue for the full year increased by 3.2% to £97.0m while corresponding underlying profit before tax improved by £1.4m to £2.1m (2013: £700,000).

It made a pre-tax profit of £600,000, compared to a loss of £500,000 in 2013.

Projects during 2014 included building, refurbishing or extending 22 Lidl supermarkets and an £18m contract to refurbish branches of a leading high street bank.

The upturn in fortunes came in the second half of 2014 and the improvement has continued into 2015. The current order book for 2015 (secured and anticipated) is £103.0m which is significantly ahead of the £86.3m this time last year.

It is the company’s Professional Services operation that is leading the way. The Contracting Services division remains loss making.

Revenue for Professional Services in 2014, which incorporates Building Intelligence, Design and Frameworks, rose to £64.3m (2013: £56.9m). Profit contribution generated from Professional Services increased from £6.5m to £9.0m.

Revenue for Contracting Services, Projects and Renewables, dropped to £32.7m (2013: £37.1m). This included the completion of the Royal Northern College of Music Concert Hall, a number of new stores for Lidl and securing the £9m contract for the refurbishment of Lancaster University Library. But the division’s loss widened from £200,000 to £400,000.

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