Property consultant hit by ailing retail sector
Styles + Wood has posted a £0.9m pre-tax loss after a tough year on the High Street.
Revenue from the retail sector made up only 42% of the property consultant’s £40.3m turnover for the six months to 30 June 2011, compared to 62% in the same period last year.
With exceptional costs stripped out, including £200,000 for restructuring, the pre-tax loss was £0.2m, a marginal improvement on the £0.5m underlying loss in H1 2010.
S&W said it had benefited from investment in banking and office sectors, and a growing workload with high-end department stores.
It is aiming to develop more sustainable products and in June created Gatehouse Renewables to push photovoltaics. It has also developed a modular ’cornershop’ solution for retail customers.
The company warned that future results could be impacted by customers cutting back in banking, retail and commercial sectors. As a result it said it would be pushing for more framework deals.