Fit-out contractor slashes its pre-tax loss by 40%
Fit-out contractor Styles & Wood has reduced its first-half pre-tax loss by 40%, it announced today.
In interim results for the six months to 30 June 2014, the firm reported a pre-tax loss of 拢1.2m, down from 拢2m over the same period last year.
The firm鈥檚 underlying operating performance - when finance and restructuring costs were excluded - improved more markedly. It reported an increase from an underlying operating loss of 拢800,000 in the first half of 2013 to break even in the first half of 2014.
The company reported a fall in revenue to 拢33.6m, down from 拢40m.
Tony Lenehan, chief executive of Styles & Wood, said there was 鈥渋ncreasing levels of activity and confidence鈥� in the firm鈥檚 chosen markets.
He added: 鈥淥ur improved performance endorses management鈥檚 strategy of diversifying the group鈥檚 product mix to focus on the needs of our clients.
鈥淲e now have an improving pipeline of new business opportunities and are able to differentiate our refurbishment and fit out offers through the integration of other service lines including space planning and management systems.鈥�
Lenehan said that following the firm鈥檚 restructuring it was now 鈥渞ight sized鈥� and 鈥渨ell positioned to take advantage鈥� of growing market confidence.
Writing in its accounts he said Styles & Wood鈥檚 professional services arm would benefit from 鈥渃ontinued resilience鈥� of margins and an increase in revenue in the second half of the year.
Its contracting services division reported a decline in revenue to 拢11.2m from 拢17m, but Lenehan said a number of major projects were due to start in the second half of 2014.
Lenehan said this division was winning around one in four jobs that it tendered. He added: 鈥淣iche high end retail and corporate facilities for premiership football stadia have also provided robust sources of new project workload.鈥�
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