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Styles & Wood profits up £1.5m

FINANCE

PRE-TAX profits bundled up a third last year at Styles & Wood, the Manchester-based fit-out group mulling a stock market f loatation.

Pre-tax profits rose £1.5 million to £6.4 million as turnover grew £25.5 million to £170.7 million.

Chief executive Neil Davies said: 'Through StoreFit, our core operation, we delivered a record 465 projects to customers in 2005 including new stores and major store modernisation schemes.' Last year S&W added Primark to its roster of retail customers. Chairman Gerard Quiligotti said: 'Profits have almost doubled over the past five years and these outstanding results evidence the success of our robust business model.' With operating profits of £6.1 million, the business is working to a margin of 3.6 per cent ? well above average for a contractor ? and 87 per cent of the workload was repeat business with an order book of £440 million in framework deals.

A quarter of the profits came from the support services sector, where S&W offers store planning, design and surveying.