Safestyle reports record results in 2016

Safestyle said its market share has increased from 9.5 per cent to 10.2 per cent

The Bradford-based firm said its market share has increased from 9.5 per cent to 10.2 per cent.

Steve Birmingham, Safestyle's CEO, said: "So far in 2017 order intake is up 4 per cent against strong prior year comparatives.

"This broadly reflects the increase in our selling prices and more than offsets the higher raw material costs resulting from the weaker pound following the EU referendum."

He said the group has entered 2017 in a market leading position.

"Moreover, whilst mindful of the uncertainty in the macroeconomic outlook, our strong balance sheet, excellent cash generation and differentiated product offering leaves us well positioned to build on our competitive advantages," he said.

"The board remains confident of delivering growth over the year ahead.”

He said that investment in the expansion of the group's manufacturing facility is near to completion and remains on plan and on budget.

The group's revenue rose 10 per cent to £163m in the year to December 31 and pre-tax profit also rose 10 per cent to £19.3m.

Analyst Charlie Campbell at Liberum said: "Safestyle remains the undisputed leader in the replacement windows market.

"It has just delivered 16 per cent organic pre-tax profit growth in spite of a market down 3 per cent. We expect momentum to continue as it uses new factory space, squeezes leads better and as customers continue to be attracted to its high quality, good value product offer."