Styles&Wood trading in line with expectations

As investors in integrated property services and project delivery specialist Styles&Wood gathered on Wednesday for the company’s annual general meeting, chairman Paul Mitchell was set to update them on the firm’s current trading, confirming business in the year to date had been in line with management expectations.

The AIM-traded company’s order book for the year to 31 December now stood at £136.6m, Mitchell confirmed, which was around 36% ahead of the prior year, with a traditional seasonal weighting towards the second half of the year still to come.

“I am pleased with the performance of our recent acquisitions, and how they have been integrated within the broader group.

“Styles&Wood, through Keysource, has recently been awarded its first critical facilities project for a financial institution.

“Additionally, Keysource has also converted two projects with a combined value in excess of £5m for a major risk advisory consultancy, and its award winning consultancy services are now supporting international customers.”

Mitchell said the GDM Group traded well during the first four months of the year, and also provided a conduit to “realise synergies” across the broader group.

“Styles&Wood has a healthy trading position which has been strengthened by the conversion of a new framework to support an estate transformation programme for Wolseley, and securing preferred bidder positions for two major refurbishment projects.

“These projects have a cumulative value in excess of £40m and include a city centre aparthotel further evidencing the group's credentials in this developing sector,” he explained.

“The board remains confident in the outlook for the group and looks forward to reporting on further progress in 2017.”