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Styles & Wood secures profit growth

Fit-out firm Styles & Wood saw pre-tax profits last year jump by more than half to £11.8 million.

The leap from last year’s figure of £7.5 million was the fourteenth year of profit growth while turnover also went up 17 per cent to a record £315.5 million.

The firm said the figures had been driven by a burgeoning workload in the retail sector with store fit-outs generating £283.9 million of revenue for the year.

Group chairman Gerard Quiligotti admitted there was a "challenging outlook" for the retail sector but added that he was optimistic the continued growth would carry into 2008.

He added: "The growth reflects a clear focus on maintaining strong long-term relationships with existing customers as well as strengthening our blue chip customer base.

"Clearly there is a challenging outlook for the retail sector; however, the focus for major retailers remains on improving the store environment to enhance the customer experience and their competitive position amongst peers.

"We are pleased to have commenced operations in 2008 with a record opening order book. This is a firm foundation on which we expect to build a further year of progress."

Mr Quiligotti said the firm’s food retail section in particular had seen significant expansion in 2007, adding The Co-operative and Morrisons to its customer list. He added "In 2008 we will serve all the major supermarket operators."

In retail banking, Styles added new framework arrangements with Lloyds TSB and Nationwide, resulting in a 51 per cent increase in revenues from the sector.

The firm’s projected order book stands at £841 million with this year’s order book coming in at £137 million.