Styles & Wood issues profit warning

Shop fitter Styles & Wood has warned that it no longer expects its second half revenue to exceed its first half, following tough times in the retail sector.

The company said that it had experienced "significant" project deferrals and margin pressure as a result of its customers experiencing their own troubles amid the credit crunch.

"Whereas the board has expected that revenue would have been weighted 40:60 (first half-second half) it now believes that second half revenue will not exceed that for the first half," a statement said.

Revenue for the first half is likely to be between £120m to £125m.