Safestyle's trading continues in line with increased market expectations

Safestyle today said its trading and financial performance has continued in line with recently increased market expectations.

Safestyle has published an update for the City
Safestyle has published an update for the City

The group, which is a major retailer and manufacturer of PVCu replacement windows and doors, has provided a statement about current trading ahead of its annual general meeting.

The statement said: "Revenue for the four months to 30 April 2021 was up 10.4% compared to 2019 and 50.9% compared to 2020. Due to the first lockdown in 2020 where no revenue was earnt for the entirety of April, we believe 2019 represents a more meaningful comparative.

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The statement added "Alongside this revenue performance, margins have improved markedly versus both comparative periods with the group's margin-enhancing initiatives now contributing meaningfully to our financial results. This improved margin performance is after the impact of cost inflation in resin, other materials and resource-related costs as a result of the current strong demand in our sector."

"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,'' the statement added.

"At this stage the board views the risk of significant further COVID-related disruption to be low, but it continues to monitor developments closely."