The group said top line was weaker due to the deferral of project and programme work into 2017
Styles & Wood last year posted annual pre-tax profits up 26.8% to 拢4.1m, despite a 9% fall in overall revenues.
The property services and fit-out group posted revenues of 拢104.7m in the year to the end of December last year, down 8.94% on 2015.
But the firm managed to boost profits, thanks to what it called 鈥渢he increasingly specialist and technical nature of project work undertaken by the group鈥�, the move into facility services through the Keysource acquisition, and a programme to eke out greater efficiencies and cut costs.
Gross margins rose by three percentage points to 12.3%, while Style & Wood said the top line was weaker due to the deferral of project and programme work into 2017.
Tony Lenehan, Styles & Wood鈥檚 chief executive, said he was pleased to have been able to carry forward the momentum generated in 2015 to deliver underlying profit improvements, 鈥渁s our selective approach to new business opportunities and cross-sector diversification continues to benefit the group鈥�.
He went on: 鈥淎dditionally, we have made significant progress with our diversification strategy. The acquisitions of Keysource and, post-period the GDM Group, further broaden our service line capabilities and reinforce our differentiated position within our core markets.鈥�
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