Safestyle UK revenues up 10% after sales and canvasing resume

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Safestyle UK PLC (LON:SFE) told investors that its trading and financial performance has continued in line with recently increased market expectations.

The windows and doors firm, in a statement ahead of today’s AGM, said that revenue for the four months to April 30 was up 10.4% on the same period in 2019 – and up 50.9% on the Covid-impacted comparison for 2020.

It highlighted that margins have improved markedly and said initiatives undertaken previously to boost margins are being seen in its financial results. Moreover, the company noted that its margin improvement is greater than the impact of cost inflation for resin and other materials.

Safestyle also highlighted that it resumed sales and canvasing activities during the first quarter as lockdown restrictions subsided and its order book remains at levels similar to 2021’s strong opening position.

The cost of acquisition is below pre-Covid levels though it noted that costs have begun to climb – it added that the cost movement has tracked the timing of the milestones of the UK Government’s roadmap for lifting all COVID-related restrictions by the end of June, albeit the increased cost is in line with expectations.

Giving its outlook, Safestyle added: “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. 

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

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