Fit out firm reports strong demand in occupier market
Fit out firm BW Workplace Experts saw a return to profit in 2022 on the back of strong revenue growth of 50%.
In its results for the year ending 31 December 2022, the business recorded income of 拢216m, up from 拢145m the year prior.
Pre-tax profit stood at 拢1.8m, following losses of 拢0.8m in 2019.
Chief executive Steve Elliott said the latest results showed the firm鈥檚 strategy was working.
鈥淲hen we established BW, it was with a vision to eschew the values of more traditional fit out companies by innovating in everything we do, and to do it all with personality,鈥� he said.
鈥淥ur goal was to be an exciting challenger brand, disrupting the market and setting new standards. Our latest financial results show it鈥檚 working.鈥�
Despite the wider economic malaise, BW reported strong demand in the occupier fit out market and said it was seeing its strongest sales pipeline since before the pandemic.
It has already secured 拢195m of its turnover for 2023 and is on target for 拢220m for the full year.
Read more: In business: BW looks to the future
In addition to individual project wins, the business has secured places on four corporate frameworks and Pagabo鈥檚 拢1bn refit and refurbishment framework.
The company said it had made significant inroads in the legal sector with fit outs for legal occupiers now representing more than a quarter of its revenue.
BW hired 76 new staff in 2022, including five apprentices.
Its cash balance at the end of the year was slightly down 鈥� standing at 拢19.9m from 拢20.5m.
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