Surrey-based fit-out specialist BW Interiors is aiming to increase its turnover from last year’s £19.5m to £27m in 2005 by riding on the back of a recent recovery in the office market.
The company, established six years ago, achieved a peak turnover of £27.5m in 2001. However, a downturn in office work reduced this to just £19.5m last year.
BW Interior’s forecast expansion comes as other companies in the fit-out market are being squeezed out. Last month, interiors specialist Bellwater became the third UK company in that sector to go bust in six months.
Managing director Mark Richards said: “Turnover of £26m-27m is a pretty conservative estimate. We’re not even halfway through our financial year and we have already secured £14.5m. The market has been picking up since November.”
Richards added that he was planning to grow the business and maintain it at a turnover of £30m in the next five years.
We’re not even halfway through the financial year and we have already secured £14.5m
Mark Richards, managing director
In that same period, the group is hoping to increase net profits to £800,000-900,000 a year. In 2003/04, the post-tax profit figure was just £320,000, half of that in 2002/03.
Despite the projected growth, BW Interiors’ staff is only likely to grow by four or five above the 44 it currently employs. Richards said that the group had kept on most of its employees when the downturn hit.