Styles & Wood achieves double-digit profit growth

North West-based property services and project delivery business Styles & Wood Group plc saw its revenues and profits leap in the 12 months to December 31 2015.

The firm, which has operations in Manchester and Lancaster, saw its underlying pre-tax profit grow from £2.1m at the end of 2014 to £3.2m by the close of last year, an increase of 55%.

Meanwhile, the company’s revenue increased by 18.6% to £115m, a year-on-year rise of £18m.

During 2015, Styles & Wood also managed to slash over £10m off its net debt, which stood at £1.43m in December.

Highlights last year for the company included the completion of its City Gate office refurbishment work in Manchester, carried out for property firm Hermes Real Estate, and becoming a strategic delivery partner of TSB Bank plc.

The firm’s CEO, Tony Lenehan, commented: “The group has built on a strong prior year performance and delivered double digit growth in both revenue and profit during 2015 as well as an improvement in gross margin.

“This is a further positive endorsement of a clearly defined strategy promoting diversification and a selective approach to new business opportunities.”

He continued: “The successful refinancing transaction carried out in June 2015, combined with improved trading performance, has significantly strengthened the group’s balance sheet.”

Speaking further, Mr Lenehan said the company’s order book “remains robust”, while its board has confidence in the company’s ability to deliver “double digit growth” over the next year.

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