Safestyle expects revenue rise to £154m; shares soar

Shares of Bradford-based window and door company Safestyle UK plc rose about 13% after it published a trading update for the year ended January 1, 2023, saying it expects to report revenues of £154.3 million, about 7.7% higher than the prior year, and an underlying loss before tax in line with market expectations.

The firm said current analyst consensus for the year is revenue of £154 million and an underlying loss before tax of £4.5 million.

On current trading and outlook, Safestyle UK said: “Whilst the board expects that trading conditions will remain reasonably challenging in the short-term given the wider consumer environment, the group’s order book at 31 January 2023 was marginally higher than at the same time last year.  

“The board is also confident that the group’s proposition will combine well with what has historically proven to be a resilient sector supported by an ongoing focus on energy-saving products by consumers.”

Safestyle UK CEO Rob Neale said: “Despite a number of unforeseen challenges in 2022, I am pleased with the significant progress we delivered on our strategic priorities and whilst we remain mindful of the difficulties facing UK consumers, we are confident that our business will continue to trade resiliently and return to profitability in 2023.  

“Since taking on the CEO role in December, I am excited about the medium term opportunities for the Group and look forward to updating shareholders on progress at our final results in March.”