23rd May 2008 07:00
Styles & Wood Group PLC
("Styles & Wood" or the "Group")
Trading Update
Styles & Wood, a leading provider of retail property services to premier UK retailers, provides an update on trading as set out below.
As previously announced, the Group's Secured Order Book at 31 March 2008 was in line with its expectations, with over 60% of the market expectation for revenue in 2008 secured, albeit against a challenging market environment. Since then, the Group's Order Book has fallen behind its expectations, chiefly through order deferrals and the Group has also experienced margin pressure across its existing framework arrangements. It is now evident that our expectations for the half year ending 30 June 2008 will not be reached.
Taking these developments into account, there is uncertainty over the full year outcome. Action is being taken to align costs with decreased revenues and the Directors believe, based on current information, that the financial performance of the Group in the financial year ending 31 December 2008 will be similar to that experienced in the previous financial year ended 31 December 2007.
Given the change in market conditions set out above, the Executive Directors have concluded that it is inappropriate to pursue their indicative offer and hence all offer discussions have ceased.
The Company expects to make a trading update for the six months to 30 June 2008 in late June.
ENQUIRIES:
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Styles & Wood Group plc |
Tel: 0161 926 6000 |
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Gerard Quiligotti, Executive Chairman |
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Neil Davies, Chief Executive |
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Graham Clark, Director of Finance |
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Investec |
Tel: 0207 597 5000 |
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Erik Anderson |
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David Currie |
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Paul Gray |
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FD |
Tel: 020 7831 3113 |
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Billy Clegg / Georgina Bonham |
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Styles & Wood Group