Styles & Wood has said it expects to see a sharp decline in its revenue when it releases its annual results at the end of the year.

In a trading update to the City, the Altrincham-based property services company said revenue for the year to 31 December was expected to be between £95m and £100m, a fall from £139.3m last year and £243.1m in 2008.

The company said: “Over recent weeks, the group has experienced some customer deferral of projects anticipated to be delivered in quarter four of 2010.”

However, it said it still expected to return to profit this financial year. In 2009 it made a pre-tax loss of £1.8m.

Shares in the company rose 9% in August after it announced that it would return to profit after receiving a rush of orders.