14 November 2011
Styles & Wood Group plc ("Styles & Wood" or the "Group")
Interim Management Statement
Styles & Wood Group plc, a leading UK provider of property support services to major retailers, banks and commercial organisations, makes the following statement on trading for the period from 1 July to 11 November 2011.
Despite trading conditions in our markets remaining testing, the Group has traded in line with management forecasts. Revenue and underlying profit before tax (1) for the year ending 31 December 2011 are anticipated to be broadly in line with market expectations.
Styles & Wood continues to maintain and develop its retail credentials undertaking several projects for high end retailers during the period under review while also making further progress to diversify into new markets in line with its strategy. As a result, turnover from the Banking, Commercial and Public Sectors will exceed 55% of Group revenues for the year ending 31 December 2011 (2010 - 51%).
The Group continues to have a strong balance sheet with positive cash balances and no bank debt, and maintains its focus on cost control and cash management.
Initial prospects for next year look encouraging with the opening order book for 2012 currently running in excess of 12% ahead of last year.
-Ends-
1. Underlying profit before tax reflects results prior to non-recurring expenditure and notional interest charge on preference shares
ENQUIRIES:
Styles & Wood Group plc Tony Lenehan, Chief Executive Officer Philip Lanigan, Group Finance Director | Tel 0161 926 6000 |
Shore Capital Pascal Keane/ Edward Mansfield | Tel 0207 408 4090 |
FTI Consulting Oliver Winters Georgina Bonham | Tel 0207 831 3113 |
