19 Nov 2009 07:00
19 November 2009
Styles & Wood Group plc
"Styles & Wood" or the "Group"
Trading Update and Interim Management Statement
Styles & Wood Group plc, a leading provider of retail property services to premier UK retailers, announces its Interim Management Statement relating to the period from 1 July 2009 to 18 November 2009.
The Group and its four divisions (StoreFit, StorePlanning, StoreCare and StoreData) have traded in line with management expectations. Revenue and underlying* profit before tax for the year ending 31 December 2009 are anticipated to be in line with expectations.
The restructuring of the Group to align the cost base with current revenues and future opportunities will be complete by the end of 2009 with costs of this exercise in line with expectations.
The refinancing completed on 29 June 2009 has left the Group with a strong balance sheet. Net cash at 31 October 2009 was £6.3m which is better than was expected at the time of the refinancing.
The retail fit out and refurbishment market place is starting to show some signs of stabilising but this is against a very difficult period in the first half of 2009. Overall our customers remain cautious with their investment programmes and we expect that this position will continue into 2010.
*Underlying reflects results prior to including the impact of non-recurring items.
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ENQUIRIES:
| Styles & Wood Group plc Ivan McKeever, Chief Executive Officer Philip Lanigan, Group Finance Director | Tel 0161 926 6000 |
| Shore Capital Guy Peters/Edward Mansfield | Tel 0207 408 4090 |
| Financial Dynamics Billy Clegg/Georgina Bonham | Tel 0207 831 3113 |