Styles & Wood back in black

Sale-based commercial fit-out company Styles & Wood has posted interim results showing a turnover of £47.1m, and an increase in pre-tax profit to £400,000, compared to a £500,000 loss in the same period last year.

According to the company’s results to 30 June 2016, net debt was also down from £6.42m, to £3.33m.

During the past six months, Styles & Wood has started on site with the fit out of Addleshaw Goddard’s 56,000 sq ft office in One St Peter’s Square, which the law firm will occupy when it moves out of Barbirolli Square in 2017.

Work is ongoing on the 150,000 sq ft office refurbishment of Westminster House in Manchester for Aviva, and the project is due to complete in November. Aviva has now appointed Styles & Wood to undertake a second major project in London.

Last month, an undisclosed international bank appointed Styles & Wood to a five-year framework for ATM rebrand services, expected to generate more than £20m a year in revenue. Styles & Wood already works for Barclays, TSB Bank and Lloyds Banking Group.

Tony Lenehan, chief executive Styles & Wood Group, said: “This is a particularly pleasing set of interim results, which provides further positive endorsement of the group’s diversification strategy and, as demonstrated by improved margin performance, our selective approach to new business opportunities.

“We have had significant success in securing longer term contracts with a number of blue chip clients, illustrating the relevance and strength of our service offering. The longer term nature of these contracted framework arrangements has also strengthened the projected carry through workload position for 2016/17 relative to prior year.”

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