Revenues bouncing back at Safestyle as lockdown eases
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Bradford-headquartered Safestyle UK reports its revenue for the four months to 30 April 2021 was up 10.4% compared to 2019 and 50.9% compared to 2020.
In an AGM statement to be issued today Alan Lovell, chairman of the listed retailer and manufacturer of PVCu replacement windows and doors, explained 2019’s figures offer a more meaningful comparison due to the first lockdown in 2020 when Safestyle could earn no revenue for all of April.
He added margins have improved markedly versus both comparative periods with the Group’s margin-enhancing initiatives now contributing meaningfully to its financial results.
Lovell said: “Following the restart of sales and canvas activity during Q1 as the third COVID lockdown restrictions began to subside, order intake has continued to perform well into Q2.
“This has enabled us to replenish the majority of the order book utilised in Q1, when sales were partly restricted and installations continued.
“Consequently, the Group’s order book remains at levels similar to 2021’s strong opening position which continues to provide good visibility of near-term revenues.
“So far this year the cost of order acquisition remains below pre-COVID levels although costs have started to climb in this area as the restrictions on other economic activity are removed.
“In light of the continued health of the Group’s order book alongside our current operational capacity levels, the guidance for 2021’s full year financial performance remains unchanged.
“At this stage the Board views the risk of significant further COVID-related disruption to be low, but it continues to monitor developments closely.”