Tony Lenehan Styles&Wood
Lenehan: 'A new chapter for Styles & Wood'

Styles & Wood builds profit as service lines added

The interiors business this morning reported its full year results for 2016, a year in which profit before tax climbed 49.4% to £3.54m despite an overall fall in revenue of 8.9% to £104.7m.

The Sale-headquartered business reduced its net debt by 71.3% to £410,000.

The firm also reported that its order book is strong, with £130.2m of current projects, compared to £100.8m at this stage in 2015.

Operational highlights include work for Addleshaw Goddard’s new One St Peter’s Square office, a new project in London for Aviva following on from works at Manchester’s Westminster House, and being appointed as one of four strategic partners by a major bank for its UK capital plan.

Over the course of the year, Styles & Wood acquired Keysource, giving it an entry into data centre and critical facilities projects, a deal it followed this January with the purchase of building services engineer GDM. It also narrowed the focus of its operations in Dubai.

Chief executive Tony Lenahan said: “Our selective approach to new business opportunities and cross-sector diversification continues to benefit the group. We go into 2017 in good shape, with a healthy forward order book, strong balance sheet and an unrelenting focus on delivering truly integrated property services solutions to our customers.”

 

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