Fit-out firm reports on healthiest month for two years and says it’s optimistic about the future
Styles & Wood experienced its healthiest month for more than two years as it anticipates returning to profit this year.
In the fit-out firm’s results for the first half of 2010 it revealed a revenue of £40m, down from £75m in 2009. It also made a £900,000 pre-tax loss, compared with a £1.1m loss in 2009.
But the firm said that it has noticed a marked turnaround in the final month of the first half of 2010 and is now more optimistic about the forthcoming six months.
The statement said: “In recent weeks, we have witnessed an improvement in customer orders and are beginning to see momentum build in the business. The June order intake was the largest monthly order take for more than two years and at 30 June 2010 the H2 2010 order book was more than 10% higher than at the same point in 2009.”
The good news of June came after a long period of customers driving down margins and reduced orders, as clients restructured and refinanced. The firm did win work in the retail, office and banking sectors though, with highlights including Llloyds, Harrods and Selfridges.
Ivan McKeever, the firm’s chief executive, concluded by saying he expectsto return to profit this year, then concentrate on increasing market share next year.