DOUBLE glazing firm Safestyle UK, Yorkshire’s most successful IPO over the past year, said first half profits jumped 13 per cent as it expands into new markets in the South of England.
The Bradford-based group said sales in the South grew by 21 per cent in the six months to June 30 as it stretches out beyond its Northern heartlands.
CEO Steve Birmingham said: “We’re growing in the South and the South East although we don’t want to lose market share in our heartlands.
“We want to bring the South East up to a similar level. It’s a larger, more affluent market in the South East.”
Underlying pre-tax profits rose from £7.8m to £8.8m and the group said it will pay out an interim dividend of 3.1p in November.
Safestyle said leads generated from media and on-line marketing grew by 12 per cent to 27,762 as it explores new ways to attract customers.
“Traditionally we’ve always had door canvassers as a route to market, which is quite expensive,” said Mr Birmingham. “Online is a cheaper way to get enquiries. Smartphone devices are becoming more popular and it’s an area we want to develop.”
The volume of frames installed increased by eight per cent to 136,518 and the average unit sales price rose 1.5 per cent to £503.
The firm said it has grown its market share from 7.85 per cent to 8.24 per cent.
“The industry generally has become more regulated and that regulation is burdensome for one man bands and smaller businesses – they might be finding other things to do,” said Mr Birmingham.
“Also we offer finance that’s probably not available to smaller players. We’ve got some very attractive finance packages.”