Fit-out firm BW forecasts return to growth next year

Aaron Morby 2 months ago
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Specialist London and south east fit-out contractor BW Workplace is forecasting a return to a strong financial performance next year after a revenue fall during the pandemic.

Finance director Andrew Bradley says outlook for next year is bright
Finance director Andrew Bradley says outlook for next year is bright

Latest published accounts for the end of 2020, show the pandemic shutdown knocked revenue back by around 12% to £180m.

But swift action to control costs saw pre-tax profits rise on the previous year from £1.8m to £4.6m, representing an operating margin of 2.6%.

BW also received Government furlough support of £530,000 for its 200 strong workforce.

Finance director Andrew Bradley said secured revenue levels in 2021 would also be down primarily due to reduced opportunity in the marketplace.

But he predicted 2022 would see a return to both revenue and profit growth.

Bradley said: “BW has continued to trade well through 2021. We expect the market for Q4 of 2021 to be improving and 2022 should see an increase in turnover and profitability.

“While there is an economic contraction, our business model is predicated on change, and our sector should return broadly to its pre-virus trajectory once the pandemic is over and tender opportunities are increasing.”

He said BW retained a strong financial position with available cash at present standing at £14m with undrawn bank facilities of £5m.

 

 

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