Ivan McKeever, chief executive of retail fit-out specialist Styles & Wood, has said the group will break even in 2008 as a result of margin shortfalls on projects completed last year.

In a statement to the stock exchange, the company said: “With the exception of these historic projects, the group is trading in line with expectations.”

McKeever refused to reveal what the jobs were, but said: “This was one of a series of issues I have had to tackle since taking over in June.

“Things are fundamentally good and this is just another step in preparing the business for 2009.”

According to consensus forecasts the group will turn over £230m in the year to 31 December 2008.