Retail fit-out specialist Styles Wood has issued its second profit warning in a month after suffering what it called "significant project deferrals". In a statement to the City, the company said turnover in the six months to 30 June would be between ￡120m and ￡125m, while the figure for the year would not exceed ￡250m. In its first announcement on 23 May, it said there was uncertainty over the full-year figure owing to the credit crunch. Sources close to the company predicted a turnover of ￡315m. Andy Brown, an analyst at Panmure Gordon, halved his pre-tax profit forecast for the year from ￡10m to ￡5m after the statement. Brown said: "This is also clearly bad news for Morgan Sindall and ISG, which have large fit-out operations."
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