Upbeat Safestyle confident of continued strong growth
SAFESTYLE, the window and door manufacturer, is expecting its profits and revenue to continue rising.
In a trading update for the six months to the end of June, the Bradford-based company, which joined AIM in December with an initial market capitalisation of around £77m, making it the second largest AIM flotation of 2013, said revenue for the first half of 2014 is expected to be £68.3m, an increase of 8.9% on the previous year.
Safestyle, which employs 600 staff at factories in Bradford and Barnsley, said profit growth for the six months is expected to show good progress, reflecting the company’s underlying strong trading performance and improved margins.
The group said its market grew by just over 4% in the six month period. Following a strong first quarter, as anticipated the rate of growth slowed in the second quarter, it added. Against this background, the manufacturer continued to increase its market share in the period to 8.24% (7.85% as at December 31 2013 for the preceding 12 months) according to date from the Fenestration Self-Assessment Scheme (FENSA) – set up by the Glass and Glazing Federation (GGF) and other industry bodies in response to building regulations for double glazing companies in England and Wales.
Safestyle added that directors remain comfortable with current market expectations for the full year.
