Window manufacturer plays it Safestyle with record results

Safestyle has reported its results this morning with justified swagger, increasing profitability and revenues to record levels.

Chief executive Steve Birmingham said he was “delighted” that “yet again” the company had reported its highest-ever sales, with revenues up 9.5% to £163.1m.

Pre-tax profits also jumped 9.7% for the year to December 2016, rising to £19.3m.

In the same year it grew it market share to 10.2% from 9.5% in 2015, and installed more than 288,000 windows – up 3.2%.

Its planned factory expansion is well underway and due for completion by summer 2017 and during the year opened new sales branches in Guildford and Norwich.

Safestyle also employed chief operating officer Giles Richell last month

An increase in the price of raw materials due to the falling value of the pound due to the EU referendum has been offset by price increases carried over to customers.

Steve Birmingham, CEO said: “I am delighted to report that Safestyle UK has yet again achieved record sales and profitability in 2016.  We have continued to execute on our strategy of increasing market share which increased to 10.2% at the year end (2015: 9.5%).

“Our investment in the expansion of our manufacturing facility is near to completion and remains on plan and on budget.

“So far in 2017 order intake is up 4% against strong prior year comparatives. This broadly reflects the increase in our selling prices and more than offsets the higher raw material costs resulting from the weaker pound following the EU referendum.

“We have entered 2017 in a market leading position.  Moreover, whilst mindful of the uncertainty in the macroeconomic outlook, our strong balance sheet, excellent cash generation and differentiated product offering leaves us well positioned to build on our competitive advantages.  The Board remains confident of delivering growth over the year ahead.”
The board proposed a final dividend of 7.5p per share subject to approval of shareholders at the AGM.