BW counts cost of pandemic but predicts better 2022

Fit-out specialist BW said the ongoing impact of the pandemic sent revenue falling again last year.

The company said it had been expecting revenue to be around the £220m mark in 2020 but this finished at £180m that year, down from 2019’s £201m, and slipped further back last year to £145m. Around £125m of its revenue came from London with the remainder from the South-east.

bw 1

Most of the firm’s work is centred on London

The firm said income would be up this year with its secured turnover already at £180m by the middle of this month.

BW made a pre-tax loss of £177,000 last year from a profit of £4.6m in 2020, although a tax credit of £5.2m helped it turn in a post-tax profit.

The firm said it had a cash balance at the end of the year of £20.5m, down from £22.7m, and claimed just over £80,000 from the government’s Coronavirus Job Retention Scheme, compared to the £529,000 it was handed the year before.

It added that it repaid a £5m Coronavirus Business Interruption Loan last year.