Fit-out company Styles & Wood has seen its first-half profits before tax halve to £2.4m compared with a year ago.

The company, which delivers fit-out projects for the likes of Marks & Spencer, Tesco, HSBC and Nationwide, described the peformance as disappointing but reflected market conditions.

“The current market conditions continue to challenge our business as retailers affected by lower consumer spend defer store investment decisions and exert pressure on their supply chain,” said chief executive officer Ivan McKeever.

Styles & Wood, which has five UK sites, reported several new customers including Mango, McDonald’s and Habitat.

The company revenue for the first six months was £123.1m, down from £149.8m a year ago.