16 Jul 2015 07:00
16 July 2015
Safestyle UK plc
("Safestyle" or the "Company")
Half Year Trading Update
Safestyle UK plc (AIM: SFE), the leading UK-focused retailer and manufacturer of PVCu windows and doors for the homeowner replacement market, today issues a trading update for the six months ended 30 June 2015, in advance of its half year results announcement scheduled for Thursday 17 September 2015.
The Company has continued to trade well, with revenue for the first half of the year expected to be £74.0 million, an increase of 6.8% on the previous year (H1 2014: £69.2 million). This is pleasing progress against a particularly strong Q1 2014, reflecting further growth in market share and the price increases introduced in January 2015. We expect a continuing strong sales performance in the second half of the year and remain confident of achieving full year results in line with board expectations.
Recent order intake has been encouraging. Order intake grew by 7.1% in the first half of the year, compared with FENSA statistics (which relate to orders fitted) which show that the market contracted in the same period by 10.1%. This reported contraction is surprising and one which we will continue to monitor carefully. As a result, the Company's market share stands at a record 9.5% for the first half of the year.
Cash flow has continued to be strong and we had net cash of £14.9 million at 30 June 2015 (30 June 2014: £10.8m).
We are pleased with progress in the first half and our growth in order intake has been reinforced with our recently launched low cost, long term and promotional finance propositions. Early evidence from our conservatory refurbishment launch on 1 April 2015 is encouraging and we will be able to provide a further update at the Company's half year results in September.
Steve Birmingham, CEO of Safestyle UK, commented:
"Trading in the first half has been good, showing growth against a very robust comparable period in 2014, especially the first quarter. With our strong order intake and growth in market share, we are well placed to continue our recent progress and we look forward to the second half with confidence."
-Ends-
For further information please call:
Safestyle UK plc Steve Birmingham, Chief Executive Officer Mike Robinson, Chief Financial Officer
| via FTI Consulting |
Zeus Capital (Nominated Adviser & Joint Broker) Nick How / Ross Andrews / Dominic King
| Tel: 0207 533 7727 |
Liberum Capital Limited (Joint Broker) Neil Patel / Tom Fyson
| Tel: 0203 100 2100 |
FTI Consulting (Financial PR) Oliver Winters / Alex Beagley / James Styles
| Tel: 0203 727 1000 |