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Bank fit-out boosts Styles & Wood profits

Fit out specialists Styles & Wood saw increased profits in 2011 after a strong performance in the banking sector, it said this morning.

The firm reported £1.8m pre tax profit in the year to 31 December, up from £0.5m in 2010, as revenue creeped up from £99.1m to £101m. Construct – which includes fit out, refurbishment and construction – saw revenue increase from £80.3m to £83.4m, with profit up from £3.6m to £4.7m.

The banking sector provided £47.9m of revenue. Retail and department stores brought in £33.7m of work.

It has also seen an more public sector work, including securing a framework position on central government’s Sport England programme and project successes in the public sector including education, health and local authority accommodation.

Chief executive Tony Lenehan said:  “We have continued to deliver strongly in our core sectors, especially within banking and high end retail while at the same time securing new revenue streams including a number of contract wins in the public sector. 

“While conditions in the property support services arena are expected to remain challenging in the short term, the Group’s proven ability to win contracts across new sectors gives us confidence in our business model and our ability to increase market share.”

The group incurred non-recurring expenditure of £0.3m (2010: £0.3m) in the year, relating to restructuring costs from a strategic review launched by Mr Lenehan following his appointment in January 2011.

That was to “flatten the management structure of the business and integrate the group’s business development team into the operational teams”.

The firm said it has changed its organisational structure to focus on greater engagement with customers, and now has a platform for growth.

It expects significant uncertainty in the UK economy in 2012, with more stability thereafter.

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