Fitout specialists, BW Interiors, has expanded its Design and Build capabilities after seeing its profits buoyed by commercial jobs and frameworks in and around the South East region.
While turnover for the year ended 31 December 2023 was £200.1 million, down from £216.3 million achieved in the previous financial period, the firm generated a pre-tax profit of £2.9 million (FY2022: £2.1 million).
The London-headquartered business, aka BW: Workplace Experts, also reported operating profit last year of £2.9 million, ahead of the £2.1 million recorded in the prior year, with an operating margin of 1.50 per cent (FY2022: 1.00 per cent).
At the year end, BW Interiors’ balance sheet had net assets worth £20 million, building on the £19.7 million recorded the year before, with healthy cash reserves too of £8.7 million (FY2022: £17.3 million).
“The company continues to maintain a strong balance sheet for investment in the future development and growth plans of the business,” said BW Interiors.
“During the year we maintained excellent cash levels whilst ensuring we managed the payment cycle effectively to the supply chain and maintained positive levels of engagement with all of our trusted partners.”
It added: “The geographic spread of our turnover continues to be generated from the South East of England, within the commercial office sector and education via traditional individual contracts and an increasing number of frameworks.
“During the year we started a Design and Build team to drive engagement in that particular market and these results will start to affect our 2024 revenue and profitability.”
BW Interiors posted profit for the year of £2.1 million, compared to £1.6 million delivered the year prior.
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