Styles & Wood results ‘significant improvement’
The fit-out and property services company posted an increase in turnover for the first six months of 2015, up to £46.2m from £33.6m in the same period last year, and a decrease in pre-tax loss from £1.2m to £500,000.
The pre-tax loss results in a 10.2p loss per share, according to the interim results.
Following a refinancing of the group in June, the statement to the stock market said that net debt had decreased from £17.5m in June 2014 to £6.42m, and that its order book had reached £66.1m.
Current projects for Styles & Wood in the North West include the £8.6m remodelling of Lancaster University Library, restaurant fit-outs at the Lowry Centre in Salford, the refurbishment of the 161,000 sq ft Westminster House in Manchester, and solar farm installations for Greater Manchester Waste Disposal Authority.
Tony Lenehan, chief executive of Styles & Wood, said: “The successful completion of a major refinancing in June 2015 substantially strengthened the group’s balance sheet at the period end. The resultant lower net debt will better enable Styles & Wood to continue to pursue its growth agenda.
“In conjunction with the refinancing, the group has achieved interim results that are a significant improvement over prior year in terms of revenue, profit and cash. This performance is a strong endorsement of the success of the Group’s diversification strategy and selective approach to new opportunities.”
Shares in Styles & Wood were down 36.5p this morning to 233.5p.
