News Styles Wood Heads Red

Fit-out specialist Styles & Wood is warning that it is likely to dip into the red in the first half of this year, even with an increased turnover.

But the group also claims that, with an order book that is already ahead of where it was last year, and an ongoing successful diversification strategy, its performance should be back in line with expectations by the end of the year.

The group says the first few months of this year have remained challenging, and says the investment it has had to make in the company together with margin pressures mean its half-year profit is likely to be “significantly below” last year, when it made £100,000 in pre-tax profits at the half year stage.

But it adds that in any case the company’s revenues and profits are heavily skewed towards the second half of the year.

It says successful diversification into the healthcare, solar and commercial sectors, along with continued “robust relationships” with key customers in the banking sector, should see it return to an expected performance by the end of the year.

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