2010 results confirm turnover warning issued in October last year
Turnover at fit-out firm Styles & Wood fell by almost 29% in 2010, but losses shrank from £1.8m to £703,000.
The announcement to the City this morning is the first major financial milestone since the departure of Ivan McKeever at the end of the year and his replacement by former Bovis Lend Lease regional director Tony Lenehan.
The company had already issued a turnover warning, saying that it would shrink to £95-100m during the year. The final figure came to £99.1m, down from £139.3m in 2009, but the firm insisted that trading had been much stronger in the second half of the year.
Redundancy costs for McKeever and the recruitment of Lenehan racked up £295,000 in costs, while interest on preference shares cost the firm £0.9m.
Lenehan said: “The more promising signs seen in the second half have continued into 2011 with current trading ahead of the same period 12 months ago. Whilst we expect markets in certain sectors to remain challenging, the Group will continue to focus on delivering improved margin performance and sustainable profitable growth.”
“In the short time I have been in the role, I have been greatly encouraged by both the quality of the Group’s diverse range of services and calibre of our staff and I look forward to working with them to take the Group forward through its next stage of growth,” he said.