BW reports near 50% growth in turnover in latest financial results

In its latest financial results for the year ending 31 December 2022, BW: Workplace Experts reports a near 50% growth in turnover to £216 million and post-tax profits of £1.7 million (0.8%), revealing that the business has turned the corner in its post-covid recovery.

Alongside exceptional financial results, the firm has hired 76 new employees including five apprentices with two apprentice promotions. It has also invested in innovation to improve its business and project processes and enhanced its expertise with new skills and the establishment of a design and build division.

Despite the economic backdrop, the occupier fit out market continues to be strong with not only lease-related events but corporations taking a more positive view of their office portfolio.  BW is now seeing its strongest sales pipeline since 2019. It has already secured £195 million turnover in 2023 to date and is on target for £220 million for the full year. As well as individual project wins in the financial services, tech, creative, legal and education sectors, it has secured a place on four corporate frameworks as well as Pagabo’s £1 billion Refit and Refurbishment framework, set up to meet the demand of a national client base.

BW says the promotions of Penelope McCallum, who joined BW 18 months ago, to Sustainability Director, alongside that of Sara Lopez as Head of Sustainable Operations, will reinforce the business’ commitment to sustainability while heralding a new chapter in the company’s Three-Layers journey towards net zero carbon, inclusivity, and innovation. McCallum joined BW from Morgan Sindall and previously worked at the Ministry of Defence, while Lopez has been a critical team member at BW for the last five years.

BW has made significant inroads in the legal sector. Fit outs for legal occupiers now represent over a quarter of the company’s revenue. Across the board, BW has worked on a number of high-profile projects including American law firm Jenner & Block, The Ark building in Hammersmith, Kingfisher Plc in Paddington Basin and insurance firm Canopius, as well as a pro-bono project for First Love Foundation, a charity which tackles poverty in Tower Hamlets, one of the most deprived boroughs in London.

The company has also secured a raft of awards in the last 12 months. These include winning the ‘Project of the Year: Workplace over 70,000 sq. ft’ category at Mixology for the McCann Workgroup scheme; a CoreNet Global Professional Excellence Award for work at the Open Society Foundations and success at the LIT Awards in the workplace lighting category for the Anglo American & De Beers project.

The new design and build division, with an emphasis on delivering with integrity coupled with surety of design, provides a complete package for clients, creating exceptional workspaces. Elsewhere in the BW business, there is a hive of positive activity and initiatives such as a reinvigorated guest speaker programme and taking the customer experience journey to the next level.

Steve Elliott, BW Chief Executive commented: “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. Our goal was to be an exciting challenger brand, disrupting the market and setting new standards.

“Our latest financial results show it’s working. By focusing on our three pillars of innovation, inclusivity, and net zero, we maintain our entrepreneurial approach, support diversity in the industry, while at the same time offering a safe pair of experienced hands to our clients, delivering projects that meet their needs and stand the test of time.”

Forecast for the year ahead remains positive with £195 million turnover already secured for 2023, and on target for £220 million at year-end.