Styles & Wood, the property services company that headed Retail Week’s top shopfitter league in 2008, has unveiled a dramatic loss for the half-year to June 30.
The company posted a £1.15m loss during the period, a large portion of which was ascribed by finance director Philip Lanigan to exceptional and one-off costs.
Chief executive Ivan McKeever said that the firm’s finances were now on a much stronger footing and that a £13.8m cash injection, following a refinancing operation undertaken in June, had improved the outlook for the shopfitter.
He added that almost all retail clients had been retained and that sales from the supermarket sector remained robust.
The consensus forecast for the full year among analysts is that Styles & Wood will achieve a full year figure of around £140m, down from 2008’s £243.1m, a decline of nearly 40%.
Retail Week’s table and analysis charting the fortunes of the UK shopfitting fraternity appears this Friday.