Revenue for the six months ended 30 June 2011 had held steady at 拢40.3m compared with 拢40.2m for the same period last year. The gross margin has improved to 7.9% from 7.4% and the company has replaced the 2010 half year loss of 拢0.1m with an operating profit of 拢0.1m.
It reported a growing workload with retail department stores and public sector contracts secured for the refurbishment of educational establishments. It has also been developing a sustainability offering to include photovoltaics and modular building.
"This has been a period of significant transformation for the Group and I am pleased with the achievements in the six months since I joined S&W,鈥� said CEO Tony Lenehan. 鈥淒espite the current economic environment, we have been able to deliver an improved set of results that reflect our decision not to chase revenue at the expense of margin. The changes implemented following the strategic review mean that the Group now has a broader platform for sustainable, profitable growth. While we expect market conditions to remain challenging we are encouraged by the Group's order book and by the diverse range of new opportunities."
The underlying loss before tax for the six month period was 拢0.2m, an improvement on last year鈥檚 figure of 拢0.5m for the same period. The loss before tax remained steady at 拢0.9m.
Styles & Wood鈥檚 net cash position in the interim results was 拢2.4m, down from 拢5.3m last year.The loss per share remained the same at 1.3p.
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