Safestyle UK’s trading and financial performance continued in line with market expectations

Safestyle UK plc (LON:SFE), the leading UK focused retailer and manufacturer of PVCu replacement windows and doors for the homeowner market, Chairman Alan Lovell, will make the following statement at today’s Annual General Meeting:

Trading Update

Since our preliminary results announcement at the end of March, I am pleased to report that our trading and financial performance has continued in line with recently increased market expectations. 

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. 

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.

Order Intake

Following the restart of sales and canvass activity during Q1 as the third COVID lockdown restrictions began to subside, order intake has continued to perform well into Q2.  This has enabled us to replenish the majority of the order book utilised in Q1, when sales were partly restricted and installations continued.  Consequently, the Group’s order book remains at levels similar to 2021’s strong opening position which continues to provide good visibility of near-term revenues.

So far this year the cost of order acquisition remains below pre-COVID levels although costs have started to climb in this area as the restrictions on other economic activity are removed.  So far, this 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.  These cost increases remain within the Group’s forecast expectations.


We have also made progress on the many operational challenges that emerged as the business restarted last year.  This includes a specific focus on improving our customer service levels with meaningful investment in areas including call centre staffing, the installations network and ensuring appropriate resource levels to recover a service backlog which built in H2 2020.

Whilst progress has been tangible, there continue to be ongoing challenges in retaining and attracting quality installers and other specialist skillsets as wider market demand strengthens.  The actions being taken to address these challenges fit closely with our strategic focus on customer service and establishing standardised business processes.

Strategic priorities progress

The business has continued to balance driving operational performance alongside the programme of strategic change needed to enable sustained long-term growth.

Our programme of work to standardise best practices across our sales and depot network continues.  Within sales, our regional management structure and increased availability of management information has started to unlock measurable performance improvements. The same process is underway across our operations network.  The process of embedding Standard Operating Processes is expected to be complete by the end of 2022.

There continues to be significant activity aimed at improving and standardising our customer service experience.  This has required additional investment in our customer care teams, investment in new technology and software and the recruitment of additional service support staff.

Our work on developing our brand positioning and communication continues, with an agreed set of criteria established for the timing of our return to TV advertising.

Overall, despite the continued disruption in Q1, the business has been able to retain a good level of resource and focus on our longer-term priorities.


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.

The Board plans to provide a half year trading update to the market in mid-July and intends to announce its half year results on Thursday 23 September 2021.

Click to view all articles for the EPIC: ,
Or click to view the full company profile:
    Share on facebook
    Share on twitter
    Share on linkedin
    Safestyle UK Plc

    More articles like this

    Fintel plc

    Fintel core revenue growth is higher than Zeus forecast

    Fintel plc (LON:FNTL), the leading provider of Fintech and support services to the UK retail financial services sector, has released a trading update for the six months to 30 June 2022, which reveals: Core revenue grew c.9% to

    Shoe Zone plc

    Shoe Zone analyst Zeus upgrades FY22 adjusted PBT forecast

    Shoe Zone plc (LON:SHOE) Better than expected demand and further strong margin performance leads to an upgrade in FY22E adjusted PBT from “no less than £8.5m” to “no less than £9.5m”. Zeus revenue forecasts increase by £1.5m (1.0%)

    OnTheMarket Plc

    OnTheMarket analyst Zeus confident in forecasts

    Foxtons, one of London’s leading estate agencies with more than 50 interconnected branches across London, has signed an agreement to advertise its UK residential sales and letting properties at OnTheMarket plc (LON:OTMP). Zeus view: Foxtons, the well-known London

    SpaceandPeople analyst Zeus restores estimates and valuation

    SpaceandPeople plc (LON:SAL) secures, sells, and manages flexible space for brand experiences, short term promotions and retailing in high footfall venues for its customers, including in shopping centres and travel hubs. The Group has issued a positive pre-close

    Lookers Plc

    Lookers shares are still undervalued says Zeus

    Lookers plc (LON:LOOK) has released an H1 trading update reporting a continuation of strong performance year to date. H1 2022 underlying PBT is expected to be c. £45m and Management anticipate full year PBT will also be ahead

    SysGroup plc

    SysGroup analyst Zeus forecast a 39.0% increase in revenue in FY23

    SysGroup plc (LON:SYS) is an award-winning provider of managed IT services, cyber security, cloud hosting and IT consultancy. The Group offers investors an attractive business model with high recurring revenue and a diversified customer base. SysGroup is competitively

    AFC Energy

    AFC Energy’s long term opportunity remains vast says Zeus

    AFC Energy plc (LON:AFC) has signed an agreement with another leading UK construction/infrastructure player, this time in Kier Group. We believe this further endorses our long term thesis that AFC will play an active role in encouraging the


    Inchcape performance exceeding expectations says Zeus

    Inchcape plc (LON:INCH) has released another positive trading update, with performance exceeding expectations so far this year. This follows on from a positive Q1 update on 28 April. Through quarterly improvement in Distribution volumes and operating margin, the

    boohoo Plc

    Boohoo Group analyst Zeus sees a strong performance in Q1

    ¨ Q1 financial highlights: Boohoo Group plc (LON:BOO) revenue of £445.7m is -8.3% YOY vs. a strong comp (Q1 FY22 revenue +32.1%), in line with Zeus’s forecast and management’s previously stated guidance. Gross sales growth remained positive +9%

    No more posts to show