Retail fit-out specialist Styles & Wood has issued its second profit warning in a month after suffering what it called 鈥渟ignificant project deferrals鈥�.

In a statement to the City, the company said turnover in the six months to 30 June would be between 拢120m and 拢125m, while the figure for the year would not exceed 拢250m.

In its first announcement on 23 May, it said there was uncertainty over the full-year figure owing to the credit crunch. Sources close to the company predicted a turnover of 拢315m.

Andy Brown, an analyst at Panmure Gordon, halved his pre-tax profit forecast for the year from 拢10m to 拢5m after the statement.

Brown said: 鈥淭his is also clearly bad news for Morgan Sindall and ISG, which have large fit-out operations.鈥�

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