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17 May 2013 07:00
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17 May 2013
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Styles & Wood Group plc ("Styles & Wood" or the "Group")
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Β Interim Management Statement
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Styles & Wood Group plc, the integrated property services and project delivery specialist, makes the following statement on trading for the period from 1 January to date.
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As anticipated, market conditions in the first few months of 2013 have remained challenging with intense competition in a market characterised by a 6.5% reduction in construction activity compared to the first quarter of 2012*. The continued investment in new sectors combined with margin pressures in the current market, will produce a half year result significantly below the prior year underlying profit before tax of Β£0.1m, albeit on increased revenue. However, as outlined at the time of the Group's preliminary results, we expect our revenues and profits to be heavily skewed towards the second half of the year.
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Despite the challenges faced, the Group has continued to invest in its diversification into new sectors securing a number of significant contract wins across the healthcare, solar and commercial sectors. The Group maintains robust relationships with key customers in the banking sector and has strong visibility of framework allocations for the remainder of 2013.
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With an order book ahead of the prior year and further progress made on the Group's diversification strategy, the Board expects full year trading to be in line with market expectations.
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* Source - Office of National Statistics, Output in Construction Industry Q1 2013, 10 May 2013
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-Ends-
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ENQUIRIES:
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Styles & Wood Group plc Tony Lenehan, Chief Executive Officer Philip Lanigan, Group Finance Director Β | Tel 0161 926 6000 |
Shore Capital Pascal Keane/ Edward Mansfield Β | Tel 0207 408 4090 |
FTI Consulting Oliver Winters/ Georgina Goodhew | Tel 0207 831 3113 |
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