23rd Sep 2015 07:23
LONDON (Alliance News) - Property services and project management consultant Styles&Wood Group PLC posted a narrower pretax loss and better revenue for the first half and expressed confidence in its outlook for the rest of the year.
The firm said its pretax loss in the half to the end of June narrowed to GBP500,000, from a GBP1.2 million loss a year earlier, as its revenue rose to GBP46.2 million from GBP33.6 million. The company said its order book in the year to date has increased to GBP66.1 million, up 20% year-on-year and giving it confidence it will meet expectations for the full year.
The company said it won a slew of new contracts in the half, including deals with food retailers and construction contractors and a role as the project manager for an ATM rebranding project for a financial services client. It added the revenue recovery seen in the second half of 2014 had continued in the first half, particularly in its professional services arm, where revenue rose to GBP35.1 million from GBP22.4 million.
"We remain confident that the sectors and segments in which we operate are continuing to provide accessible and sustainable sources of new business opportunities. The associated demand for integrated property support services is increasing. This trend complements our strategy to provide a differentiated offer which combines expert systems and design with a core programme and projects delivery capability," said Tony Lenehan, Styles&Wood's chief executive.
"The group now has the right structure and focus in place to capitalise on the improving levels of confidence in our core markets. Our order book continues to strengthen through the second half of the year, with a full year forecast around 20% ahead of prior year in line with management expectations," he added.
Despite the robust results and outlook, however, Styles&Wood shares were down 13% to 234.49 pence in early trade on Wednesday, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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