Shopfitter Styles and Wood profits down
Back in the days Styles & Wood were a premium shop fitting firm taking on most large shopfitting contracts form Next to Monsoon its a shame that the construction Industry has taken such a hit esspically established firms like this one.
The truth is theirs no money about so the clients want much done for little money so its the firms and the contractors that are taking the hit, the story is as follows
Styles & Wood posted an underlying pre-tax profit of £100,000 for the first half of 2012.
But the firm said this year’s six month performance would be “significantly below the prior year.”
Revenue is expected to be up on last year’s £40.6m but profit has been hit by market conditions “which have remained challenging with intense competition.”
In an update to the City today, Styles & Wood added: “We expect our revenues and profits to be heavily skewed towards the second half of the year.
“Despite the challenges faced, the Group has continued to invest in its diversification into new sectors securing a number of significant contract wins across the healthcare, solar and commercial sectors.
“The Group maintains robust relationships with key customers in the banking sector and has strong visibility of framework allocations for the remainder of 2013.
“With an order book ahead of the prior year and further progress made on the Group’s diversification strategy, the Board expects full year trading to be in line with market expectations.”