Manufacturer "heavily outperforms" market despite sector contraction
BRADFORD manufacturer Safestyle recorded double-digit growth in the second half of the year as it “continued to heavily outperform the market”.
The company, which makes and sells PVCu windows and doors, increased sales by 9.5%, to £148.9m, in 2015. It expects pre-tax profits to be in line with market expectations of £17.6m when it publishes its audited results in March.
This was achieved despite the sector shrinking, with data produced by FENSA showing a 6.6% reduction in revenues. Safestyle’s performance during 2015 – described by chief executive Steve Birmingham as “robust” – saw it increase its market share by nearly one percentage point to 9.46%.
Sales growth was helped by its consumer finance offer and although additional costs will affect its margins, the company still expects double-digit growth in its profits, as well as sales.
Mr Birmingham said: “We have continued to heavily outperform the market, thanks to the quality of our product range, the attractiveness of our finance offer and the effectiveness of our sales and marketing efforts. We have seen a strong start to 2016 and are confident of building on the progress made in 2015.”
The company saw its share price peak at 275p earlier this month, which gave it a market value of £210m – more than double its value when it floated in December 2013 – although it has since slipped back 15%.
