BW returns to profit as income soars

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 £216m, up from £145m the year prior.

Pre-tax profit stood at £1.8m, following losses of £0.8m in 2019.

Chief executive Steve Elliott said the latest results showed the firm’s strategy was working.

“When 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,” he said.

“Our goal was to be an exciting challenger brand, disrupting the market and setting new standards. Our latest financial results show it’s working.”

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 £195m of its turnover for 2023 and is on target for £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’s £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 – standing at £19.9m from £20.5m.