A fit-out firm has revealed plans for its design-and-build team to drive business expansion after announcing a £3m pre-tax profit.
London-based BW Interiors said the team, which was launched in 2023, will “drive engagement in that particular market”, after it boosted profit in 2023.
The firm focuses mainly on the commercial office and education sectors. It delivers jobs via “an increasing number of frameworks” and some traditional individual contracts, it said in its accounts for the year to 31 December 2023.
But it said design-and-build work “will start to affect our 2024 revenue and profitability”.
BW Interiors reported that pre-tax profit rose to £3m from £2.2m in the prior year. Turnover, though, was down to £200.1m from £216.3m.
Cash fell to £8.7m from £17.4m, but the firm said it “maintained excellent cash levels”, adding: “We managed the payment cycle effectively to the supply chain and maintained positive levels of engagement with all of our trusted partners.”
It added that it had a cash pot worth more than £25m when it submitted its annual report. It also paid out a dividend of £1.8m in 2023, a dip from the £3.6m paid out 2022.
Looking ahead, the firm said it “continues to maintain a strong balance sheet for investment in the future development and growth plans of the business”.
So far, it has confirmed £240m worth of turnover for 2024, plus £120m for 2025.
Source : ConstructionNews