SAFESTYLE UK, one of the top three double glazing companies in the UK, said its new financial year has started well and order books are at a record level.
The Bradford-based firm, which floated on AIM last December, said intake and trading profits for the first quarter are ahead of management’s expectations.
It added that second quarter trading to date has also been good, leading to a record order book.
Chairman Steve Halbert told shareholders at the group’s annual general meeting: “The board is confident that the company will show good progress in its first half results for the period to June 30.”
Safestyle reported record profits in 2013 and said it is set for further growth as it expands into the south and south east.
Underlying pre-tax profits rose 58 per cent to £15m in the year to December 31.
The company said it is well placed as the general economy and the home improvement market recover.
The firm increased market share to 7.85 per cent, up from 7.49 per cent.
In addition to Safestyle’s own growth, the overall market grew by 4.5 per cent.
Over the year, the number of installations increased by 9.4 per cent to 55,112 and manufacturing rose 7.5 per cent to 250,185 frames.
Safestyle is one of three big double glazing players in the market.
Alongside Everest and Anglian, the three firms account for a 20 per cent share of the market.
The remaining 80 per cent is shared between 20 and 30 regional companies and hundreds of local traders.
“We’ve got a value proposition,” said Safestyle’s chief executive Steve Birmingham.
“We call it the Aldi effect. People are pleasantly surprised that they can buy a good quality product for less than our rivals.
“We exceed people’s expectations. We have a very high quality product for a very good price.”
2013 was the first year of industry growth in the replacement double glazed window and door market since 2007. The market has seen steady improvement since April 2013. Industry installations increased by nine per cent in the first two months of 2014.