Styles & Wood is back in the black following a challenging few years. The fit out and refurbishment specialist contractor has posted a pre-tax profit of £600,000 for the year to December 31 2014 compared to a £500,00 loss the previous year.
Turnover was also up to £97m from £94m as gross margins improved to 8.5%.
Performance was weighted towards the second half of the year as Styles & Wood’s core markets of commercial office, higher education, banking and retail continued to recover.
Styles & Wood said trading in 2015 is continuing on the upward path with a current order book of £103m.
Chief executive officer Tony Lenehan (pictured) said: “The property support services market in interior fit-out and refurbishment is now forecast to recover to 2008 levels by 2017 and the corresponding annual growth rate from 2014 to 2018 is anticipated to be in the region of 4-5%.
“This would be a significant improvement over the preceding five years and represents a considerable opportunity for the period ahead.
“In order to optimise outcomes to support an improved business result, Styles&Wood has targeted a number of sector priorities providing a more diverse and resilient focus for the Group.
“We remain encouraged by the growing confidence being seen in these key sectors and believe we are well positioned to continue growing our market share.