Contractor posts improved set of numbers in latest set of results

Fit out firm BW says an income of 拢500m is achievable by the end of the decade as the company said it had now become an employee ownership trust (EOT).

The company, which is celebrating its 25th anniversary this year, is expecting income to be over 拢300m in 2025 with chief executive Steve Elliott saying it was on track for a turnover of half a billion by 2030. 鈥淚鈥檓 absolutely confident we鈥檒l get to that [number] by then,鈥� he said.

BW said revenue last year was up 22% to 拢244m with pre-tax profit doubling to 拢6m in its accounts due to be filed at Companies House next week.

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Steve Elliott said the firm did not take over jobs left stranded by ISG鈥檚 demise because picking up schemes from collapsed rivals 鈥榬arely ends well鈥�

Staff numbers by the end of this year will be around 270, he added, with margins of between 3% and 3.5%.

The firm said it did not take on any projects stalled by the collapse of ISG last September with Elliott admitting it had been approached about taking on 鈥渢hree or four of their jobs鈥�.

He said: 鈥淥ur experience of doing that work is that it rarely ends how you want it to. It鈥檚 an unknown risk, you鈥檙e inheriting staff not culturally aligned with you and you don鈥檛 have the relationship with the supply chain.鈥�

Elliott said the firm also decided not to take on staff left jobless by ISG鈥檚 fall with many finding new homes at Mace, Wates and Structure Tone. 鈥淲e like to promote form within and taking on outside staff distracts from that.鈥�

He admitted the firm is seeing more work opportunities on jobs between 拢30m and 拢50m following ISG鈥檚 failure with BW鈥檚 typical jobs ranging from anywhere between 拢1m and 拢50m.

The firm, which only works in the office and higher education sectors with 90% of its jobs within the M25, currently has 35 live schemes with its largest being a 拢57m office scheme in the City for a tech client.

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Among the firm鈥檚 recently completed jobs is Virgin Media O2鈥檚 new London headquarters in Paddington

Meanwhile, BW has completed a move to an EOT after looking at the move for the past couple of years.

Elliott said BW had been on the receiving end of several takeover approaches by rivals and institutions over the past few years but he added: 鈥淲e didn鈥檛 want to be taken over. We鈥檙e here for the long term and EOTs get buy-in from staff and their loyalty. It鈥檚 not something we took lightly and we did a lot of research on it.鈥�

Year-end cash was 拢40.5m, up from 拢8.7m last time, with the firm beginning 2025 with 拢200m of secured revenue.

BW, which is based at the Old Bailey in the City, is due to move into larger premises nearby later this year with space for staff based there rising from around 100 to 150.

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