The firm saw revenue fall for a second year last year due to the impact of the pandemic on London fit-out work.

Turnover slumped 20% to £145m, leading to a pre-tax loss of £177,000.

But BW’s post-tax end of year performance was aided by a back-dated R&D tax credit of £5.2m, allowing it to report an after tax profit of £5m.

Over the year average monthly staff levels at the firm, which specialises in projects from £4m to £40m, dropped 13% to around 180.

Finance director Andrew Bradley said that despite the slowdown, BW had maintained record cash levels while ensuring it managed the payment cycle effectively to the supply chain.

The cash balance at the end of the year totalled just under £18m down from £20m previously.

He added: “BW is well placed to trade well and capitalise on a strong market, currently we have £180m of secured turnover for 2022.”

The firm last week announced a new joint venture with laboratory refurb specialist Bulb Laboratories to jointly deliver high-value research, innovation and manufacturing facilities in the science and technology sector.

The reflects the demand and interest from laboratory users and property investors for life sciences schemes.

“This is an exciting step as we bring together the best of both companies to enable, design and build advanced laboratories,” said Steve Elliott, CEO of BW: Workplace Experts.

“This, together with our alliances with overseas partners HITT and SHAPE, is a strategic partnership that strengthens our vertical capabilities as we continue to expand our services portfolio.”