Leading Cardiff based office interiors company, Paramount, has posted the most profitable set of financial results in its 27-year history and is forecasting continued growth in 2016.
The recently filed 2015 accounts for the company show a year-on-year increase in turnover of over 50%, having increased to £14 million and operating profits standing at £446,000. The success looks to continue in 2016 with the company already enjoying a full order book. This includes a rolling programme of fit-out projects for the broadcaster, ITV, across the UK and a multi-million pound project for a leading defence contractor.
Nigel Roberts, 57, who in January stepped up from the role of Managing Director to that of Executive Chairman, attributes the success to the culmination of several initiatives which the company has put in place in recent years.
Mr Roberts commented, “Three years ago, we moved into our new combined office and showroom in St Mellons, which was designed, constructed and fitted out by our own team. This has proven to be one of our best marketing tools and a facility which compares in quality with anything you will find in London and beyond.
“When potential clients visit our showroom and see first-hand what is possible in a workplace and how we approach a project, they want to do business with us.
“In addition, we also carried out a rebrand. This repositions the Paramount brand to fit with our vision of becoming one of the UK’s leading office design, fit-out and furniture companies. In September 2013, we launched our new website which, combined with our digital marketing activity, has proven to be a tremendous success. We are now appearing at the top of the Google for terms such as office fit-out and receiving regular enquiries from all over the UK.”
Paramount’s brand strategy focuses on its ability to provide workplace solutions which not only meet clients’ needs but also, as their strapline boasts, optimise space. With a team of six expert designers, the company prides itself on coming up with creative ideas that reflect how people work in and interact with the office of the 21st century.
With workplace design now a major part of the wellness agenda, having an office environment which focuses on staff needs is essential to attracting and retaining the best people. This is something which Paramount’s new Managing Director, Andrew Roberts, 33, son of founder, Nigel Roberts, believes the company is well positioned to deliver.
He said, “Our focus on designing effective workplaces, combined with our ability to provide clients with the full package, from concept through to design, delivery and handover, was a factor in us winning major new contracts in 2015. These have included blue-chip clients such as KPMG, ITV and General Dynamics.”
Over the last 12 months, Paramount has succeeded in competitive tender situations against much larger national UK fit-out companies and, while it continues to win work in Wales, it has seen a significant change in the geographical spread of its projects.
Andrew added, “The years following the recession were challenging for companies like ours in the construction-related sectors, but we have turned a corner and our business is now growing. We have always kept a good control of our costs, which means we can offer our clients the best value as well as the best in office design and finish.
“The other difference in 2015 was breaking out of our south-east Wales comfort zone and delivering more projects in London, the south west and the Midlands. This is a trend which is continuing in 2016 with new jobs in London, Plymouth, Leicester and Nottingham.
“We have a new young Management Team and, in the past few months, our financial situation has enabled us to recruit in our Design, Project Management and Finance teams. 2016 has started well and our order book at the half-year point is already over £10 million. We have also paid off our development loan from Finance Wales and the company is now debt-free.”
Nigel Roberts is confident that a new and younger executive team at Paramount, led by his son Andrew, will continue to grow the company.
He said: “Paramount will continue to extend its reach into other parts of the UK as clients recognise the quality of what we can offer in terms of workplace design and fit-out. But there are also tremendous opportunities opening up on Paramount’s doorstep in the Cardiff, Swansea and Newport with the new City Deal, the Metro and the electrification of the main line to London.
“Also, the proposal for a business technology park in St Mellons, which I have championed for the last eight years, is finally in the Local Development Plan. It’s an exciting opportunity to expand Paramount Business Park and attract new businesses to South Wales.
“I am pleased to be handing over a very profitable and dynamic business to Andrew and his team so that they can build on the success story which is demonstrated by our 2015 results.”