Safestyle UK PLC Year End Trading Update (7816U)
January 23 2017 - 2:00AM
UK Regulatory
TIDMSFE
RNS Number : 7816U
Safestyle UK PLC
23 January 2017
23 January 2017
Safestyle UK plc
("Safestyle" or the "Company")
Year End Trading Update
Safestyle UK plc (AIM: SFE), the leading UK-focused retailer and
manufacturer of PVCu windows and doors for the homeowner market, is
pleased to provide a trading update for the year ended 31 December
2016.
The Company has continued to trade well, with revenue for the
year increasing 9.8% to approximately GBP163.5 million (2015:
GBP148.9 million). In addition, profit before tax has shown good
progress and is in line with Board expectations. As expected, our
second half showed slower growth than H1 due to more challenging
comparatives.
Our performance in 2016 has been pleasing and we estimate that
we have continued to gain market share. Our growth is reflected in
the increase in frames manufactured during the year, up 3.2% to
288,460 (2015: 279,453 frames), whilst the number of installations
increased 4.7% to 62,989 (2015: 60,134).
Price increases implemented at the start of 2016 helped us
deliver improved operating margins, offsetting consumer finance
subsidy costs, which have become an established feature of our cost
base.
Cash flow has continued to be strong and we ended the year with
cash of GBP13.5 million (31 December 2015: GBP16.5million), having
paid a special dividend during the year of GBP5.6m and incurred
GBP4.6m of expenditure on our new factory extension, which
continues to be on time and on budget.
The Company intends to announce its audited results for the year
ended 31 December 2016 on 23 March 2017.
Steve Birmingham, CEO of Safestyle UK, commented:
"I am pleased to report that trading during 2016 was
consistently strong and that we have achieved another year of
record turnover. 2017 will see increases in our raw material costs
primarily due to sterling weakness. However, we plan to offset such
increases by improving the price we obtain for our products.
Despite the uncertain macroeconomic outlook, we remain cautiously
optimistic and believe we are well positioned to continue growing
the business"
-Ends-
For further information please call:
Safestyle UK plc via FTI Consulting
Steve Birmingham, Chief Executive
Officer
Mike Robinson, Chief Financial
Officer
Zeus Capital (Nominated Adviser Tel: 0207 533
& Joint Broker) 7727
Nick How / Dominic King / Andrew
Jones
Liberum Capital Limited (Joint Tel: 0203 100
Broker) 2100
Neil Patel / Jamie Richards
FTI Consulting (Financial PR) Tel: 0203 727
Oliver Winters / Alex Beagley 1000
/ James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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