Fit-out specialist Styles & Wood has returned to the black, recording a pre-tax profit of £579,000 for 2014.
The uptick in profit marks a significant turnaround for the firm, which posted a pre-tax loss of £515,000 in its results for the full year in 2013.
Turnover for the year grew by 3.2 per cent to £96.9m, up from £93.9m for 2013.
The firm’s order book currently stands at £103m which is significantly ahead of 2014’s total order book of £86.3m.
Styles & Wood’s contracting division saw turnover dip to £32.7m, down from £37.1 in 2013, with loss in the division growing to £0.4m, up from £0.2m in the previous year.
But the firm’s professional services division performed strongly, seeing turnover rise to £64.3m, up from £56.9m the previous year. Consequently, profit for the division stood at £9m for the year, £2.5m higher than in 2013.
The firm highlighted an £18m contract for ATM replacement for one of the UK’s leading high street banks, as well as rebranding 600 of their branches across the UK and Ireland, as a main driver behind this growth.
Fit-out for commercial developments has been a growing area for the firm, with highlights for the year including a £12m contract for an office refurbishment in Manchester, due to complete in the first half of 2016.
Styles & Wood has also secured a £9m contract to refurbish the library at the Unversity of Lancaster, following on from its remodelling work at the Royal Northern College of Music.
The group has additionally established a new team in London, which has already won the firm a place on several frameworks.
In another positive result, the group’s international joint venture in Dubai recorded its best financial result since its incorporation in 2009, contributing £0.3m to profit, compared to a £0.2m loss recorded in 2013.
Commenting on the results, Styles & Wood chief executive officer Tony Lenehan (pictured) said: “Our opening order book for 2015 was 20 per cent ahead of 2014 and at the end of May remained significantly ahead of the prior year and alongside the improvement in gross margin is a positive endorsement of the Group’s diversification strategy and selective market focus.
“We now have best practice references in our chosen sectors and segments.
“This is creating an environment where we are able to provide a broader portfolio of services to support our customers’ property interests.
“This expert capability can effectively support a wide range of work streams and provides business resilience, reflected by our strengthening order book and trading since the period end.”