Styles and Wood benefits from firms staying put

Office refurbishment group Styles and Wood reported a significant improvement in profits in 2011 after more firms opted to spruce up their offices than move.

Underlying pre-tax profit came in a £1.8m in the year to the end of December, up from £0.5m in 2010.

Revenues were £101.0m, up slightly on the previous year's figure of £99.1m, driven by its core banking and high-end retail sectors.

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Earnings per share was 0.1p, up from a 1.4p loss the year before.

However, the firm said it would pay no dividend for 2011 and didi not envisage a payout this year either.

The firm acknowledged the economic uncertainty going forward but said it was confident that the group was well placed to selectively capitalise on opportunities across a number of sectors.

"The outlook for the market remains volatile, however our view is that these conditions can provide opportunities for growth," said Chairman Jim Martin.

"The market shift to the remodelling and refurbishment of existing buildings plays to our core strengths."