Styles & Wood, the UK's largest shopfitter, has seen pre-tax profits crash by 53.8 per cent to £2.4 million in the year to June 30.

Styles & Wood, whose fortunes are almost entirely reliant on the retail sector, posted sales of£123.1 million, down 17.8 per cent from last year's£149.8 million.

Declining margins and retailers deferring shopfitting projects were blamed for the drop and chief executive Ivan McKeever said that the full year was likely to be close to£230 million, down from£315 million last year.

McKeever commented: “My view is that 2009 will continue to be challenging. I'm not expecting things to improve until 2010.”

Styles & Wood has headed Retail Week's Top Shopfitters League, due for publication on September 5, since it started in 2003.

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