24th Jun 2008 07:00
24 June 2008
Styles & Wood Group plc
("Styles & Wood" or the "Group")
Trading Update
Styles & Wood issues the following update on trading.
Since the announcement made on 23 May 2008, the challenges in the market environment have increased markedly and the Group has experienced significant project deferrals and margin pressure as a result of customers experiencing more difficult conditions in their own businesses. The Board now expects revenue for the first half to be between £120-125m. Whereas the board had expected that revenue would have been weighted 40:60 (first half-second half), it now believes that it is likely that second half revenue will not exceed that for the first half.
The Board is taking the appropriate action to adjust the cost base to reflect these exceptional market conditions. Since the recent appointment of Ivan McKeever as Chief Executive, he has met all key customers and, notwithstanding the reduction of their level of spend, the Board is pleased at the level of their support. Styles & Wood remains a valued partner of the UK's premier league retailers and will continue to drive efficiency and deliver value to these customers.
The Company expects to announce its interim results on 28 August 2008.
ENQUIRIES:
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Styles & Wood Group plc |
Tel: 0161 926 6000 |
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Ivan McKeever, CEO |
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Graham Clark, Director of Finance |
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Investec |
Tel: 0207 597 5000 |
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Erik Anderson/David Currie/Paul Gray |
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FD |
Tel: 020 7831 3113 |
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Billy Clegg / Georgina Bonham |
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