Styles and Wood interim profit halved as retail slowdown bites

Store fit-out specialist Styles & Wood has seen profits and turnover dive as retailers delay investment due to a downturn in consumer spending.

Interim results for the six months to June show pre-tax profit down to £2.4m from £5.2m last year on turnover down to £123m from £150m

CEO Ivan McKeever said: “The current market conditions continue to challenge our business as retailers affected by lower consumer spend defer store investment decisions and exert pressure on their supply chain.

"Our focus on the food sector is providing some protection from the current economic climate and we are concentrating on maintaining and developing our customer relationships. We have taken decisive action to control cost in order to create a business capable of flexing with market conditions. In the longer term Styles &Wood is well positioned to take advantage of the retailers' need to return to store investment plans."

McKeever took control of the firm earlier this year after former chief executive Neil Davies quit and chairman Gerard Quiligotti moved into a non-executive role following a failed management buyout attempt.