Styles & Wood: no profit this year

Styles & Wood isn’t likely to make any profit at all this year, said the group’s management today.

In a management update, the group announced on the Stock Exchange that the headache is the result of “certain projects substantially completed by 31 December 2007”

On the other hand turnover for the year ending in December 2008 hasn’t suffered any such blip and will be in line with expectations.

S&W says that historic projects apart, the group is trading in line with expectations.

Management notes: “There will be minimal effect on future cash flow and net debt as the cash impact relating to these projects has already been absorbed.”