Styles&Wood looking at dip in revenues ahead of full-year results

Integrated property services and project delivery specialist company Styles&Wood said it anticipated delivering strong underlying profit and margin performance for 2016 on Wednesday, with adjusted profit before tax in line with board expectations.

The AIM-traded firm said following a review of full year performance ahead of its 2016 results, the board expected group-reported revenues to be approximately 9% below those for 2015.

It put that down to the accounting treatment for the recognition of revenue related to frameworks and projects awarded to the group in the second half of 2016, with carry-through workload for 2017.

“Whilst pre-commencement activities began during the period, significant proportions of the associated work streams were carried over into 2017 resulting in a corresponding impact on the revenue recognised in 2016,” the Styles&Wood board said in a statement.

“2017 has begun strongly with the group's order book at week 10 for 2017 35% ahead of the prior year strengthened, in part, by positive performance through the recent acquisitions of Keysource and GDM Group.”

Styles&Wood said it expected to announce its full year results for the year to 31 December 2016 on 27 April.