6th Apr 2016 07:16
LONDON (Alliance News) - Property services company Styles & Wood Group PLC said on Wednesday its pretax profit tripled in 2015, on the back of double-digit revenue growth, as it said its order book going into 2016 was robust.
Shares in Styles & Wood were up 25% at 253.50 pence early Wednesday.
Styles & Wood reported pretax profit of GBP2.4 million for the year ended December 31, multiplying from GBP579,000 in 2014, as revenue rose 19% to GBP115.0 million from GBP97.0 million.
The company also posted lower finance costs of GBP1.0 million from GBP1.5 million, due to lower debt levels on a "significant refinancing" of its outstanding preference shares in June last year. The move cut cash outflows by GBP5.2 million, the company had said at the time.
Styles & Wood said the order book plus tenders at week 11, being the week ended March 24, stood at GBP113.1 million, representing a 13% increase on the like-for-like position in 2015.
"The successful refinancing transaction carried out in June 2015, combined with improved trading performance, has significantly strengthened the group's balance sheet. Our order book remains robust and provides the board with confidence in the group's ability to deliver double digit growth in the forthcoming year, in line with management expectations," Chief Executive Tony Lenehan said.
By Hannah Boland; [email protected]; @Hannaheboland
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