28 Oct 2010 07:00
28th October 2010
Styles & Wood Group plc
("Styles & Wood" or the "Group")
Interim Management Statement
Styles & Wood Group plc, a leading UK provider of property support to major retailers, banks and commercial organisations, makes the following statement on trading for the period from 1 July 2010 to 27 October 2010.
Whilst trading conditions in our markets remain difficult we still expect to return the business to profit[1] in this financial year. The Group continues to have a strong balance sheet and a sustained focus on cost control and cash management. In line with our strategy we continue to focus on profitable projects rather than market share.
Over recent weeks, the Group has experienced some customer deferral of projects anticipated to be delivered in quarter four of 2010. Therefore revenue for the year ending 31 December 2010 is expected to be between £95m and £100m, with the improved margin experienced in first half of 2010 expected to be maintained in the second half of the year.
The Group continues to manage working capital carefully, and anticipates a cash inflow in the second half of the year.
-Ends-
[1] Profit before tax excluding notional interest on preference share capital
ENQUIRIES:
Styles & Wood Group plc Ivan McKeever, Chief Executive Officer Philip Lanigan, Group Finance Director
| Tel 0161 926 6000 |
Shore Capital Pascal Keane/ Edward Mansfield
| Tel 0207 408 4090 |
Financial Dynamics Billy Clegg/Georgina Bonham
| Tel 0207 831 3113 |