STY4 Apr 2012 08:15
Full Year Results
RNS Number : 7706A
Styles & Wood Group PLC
04 April 2012

4 April 2012
STYLES & WOOD GROUP PLC
("Styles & Wood" or the "Group")
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2011
Styles & Wood Group plc, a leading UK provider of property support services to major retailers, banks and commercial organisations, announces its preliminary results for the year ended 31 December 2011.
Financial Highlights
· Revenue £101.0m (2010: £99.1m)
· Gross profit £8.3m (2010: £7.7m)
· Gross margin 8.2% (2010: 7.8%)
· Operating profit £1.9m (2010: £1.1m)
· Underlying1 operating profit £2.2m (2010: £1.4m)
· Underlying1 profit before tax £1.8m (2010: £0.5m)
· Profit after tax £0.1m (2010: loss £0.9m)
· Net cash £6.7m (2010: £6.9m)
Operational Highlights
· Successful repositioning of business: customer centric organisational structure and platform for growth embedded
· Continued strengthening of existing customer relationships with 57% of revenue secured from repeat business and 65% revenue secured from framework agreements
· Increased level of activity across public sector, including framework position secured on central government's Sport England programme and project successes in the public sector including education, health and local authority accommodation
· Expansion of our iSite property management systems business with Tesco and Nationwide Building Society
· Weighted sightline for 2012 more than 10% ahead of the comparative period for 2011
1 underlying profit is before charging non-recurring items and preference share accounting
Tony Lenehan, CEO of Styles & Wood Group plc, said:
"I am delighted with the progress the Group has made over the past 12 months. Our ability to grow revenue and margin despite the challenging market conditions endorses the Group's focus on engagement with customers, our diversified offering, as well as improved operational efficiencies.
We have continued to deliver strongly in our core sectors, especially within banking and high end retail while at the same time securing new revenue streams including a number of contract wins in the public sector. While conditions in the property support services arena are expected to remain challenging in the short term, the Group's proven ability to win contracts across new sectors gives us confidence in our business model and our ability to increase market share."
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