StoreData revenues slide, but profit up in 2009

Preliminary results for the year ended 31 December 2009 from Styles and Wood show that its retail-oriented construction collaboration solution provider StoreData suffered another fall in revenues, though increased margins meant it returned an increased profit (see 2008 results post).

The year 2009 was described as “exceptionally challenging” for the Group, with rising unemployment, lower developer-led activity and a slowdown in consumer spending prompting Styles & Woods customers to reduce their property investment plans. Group’s revenues dropped from 2008’s £243.1m to £139.3m and the company just shaded into pre-tax profit – £0.7m (2008: £0.2m) – before restructuring and refinancing costs turned this into a £1.8m loss.

Regarding its support services division StoreData, the results show the business generated revenues of £1.222m, down 9% from £1.350m in 2008. However, the £0.257m profit was up from the £0.229m achieved the previous year; “Operating profit increased on 2008 due to improved margin.”

The figures suggest the gradual revenue slide that has been evident in StoreData’s revenues since 2006 has continued (that year, revenues peaked at £1.594m, and profits reached £0.425m – see 2006: OK for StoreData), though these latest numbers are, of course, heavily impacted by the recession.

Regarding StoreData, the operational review says:

“As clients seek to improve their business performance during the current economic downturn, their need for fast access to accurate property information has increased. Our StoreData business continues to satisfy this need by developing and implementing property information solutions. … During 2009 we continued to support the Tesco Property team and signed up new customers including Nationwide, The Co-operative and B&Q.”