Strong performance from Safestyle as first half profits rise

SAFESTYLE, the Yorkshire-based window and door manufacturer, has seen market share, turnover and profits increase as it continues to drive forward its expansion strategy in the South.

In its interim results for the year to June 30, the Bradford-based company, which joined AIM in December with an initial market capitalisation of around £77m, saw revenue rise 10.4% to £69.2m, while the group continued to increase its market share in the period to 8.24%.

Profit before tax increased by 10.3% to £8.6m from £7.8m last time, while underlying EBITDA was up 12.1% at £9.3m.

Steve Birmingham, CEO, said: “Safestyle UK has enjoyed a successful first half of 2014. We continue to pursue our strategies of expansion in the South and South East and increasing market share. We started the second half of 2014 with a strong order book and order intake to date has been as expected, and we remain on course to meet full year expectations.”

On the outlook for the remainder of the year, the group said its expectation for the market as a whole is of modest volume growth for the remainder of 2014 and into 2015.

“With our focus on increased geographic penetration and market share gains, the board is confident that we can continue to deliver growth in sales, profit and cash flow, and accordingly we expect to report further progress for the full year,” said Safestyle.

The group said it will pay an interim dividend of 3.1 pence per share.

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