The fit-out firm plans to expand by 10-15%, following a 29% drop in turnover
Fit-out firm Styles & Wood plans to bolster its headcount by 10-15% over the next year as it aims to turn the corner under new management, following a 29% drop in turnover.
New chief executive Tony Lenehan said that the current workforce of 240-250 will expand as the firm looks to take on more 鈥渟taff intensive鈥� work.
In results released to the City last week, the firm announced that losses had shrunk from 拢1.8m to 拢703,000 during 2010.
The announcement was 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 Lenehan.
The company issued a turnover warning last year, saying that it would shrink to 拢95-100m during the year. The final figure came to 拢99.1m, down from 拢139.3m in 2009, but the firm insisted that trading had been much stronger in the second half of the year.
鈥淪ome 拢59m came in in the second half of the year,鈥� said Lenehan.
He said the company had stripped away a layer of management over the past three months, resulting in one redundancy and other staff being redeployed around the business.
Redundancy costs for McKeever and the recruitment of Lenehan racked up 拢295,000, while interest on preference shares cost 拢0.9m.
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