Safestyle revenues increase as group continues to rebuild order book

Double glazed windows retailer Safestyle expects to report slightly higher first-half revenues after continuing to rebuild its order book during the six months ended 30 June.

Safestyle said on Friday that revenues for the period would come to roughly £64.4m - 6.4% higher year-on-year with May and June alone being 15% higher than the same months in 2018.

However, despite making progress on the second phase of its turnaround plan, Safestyle expects the first half of the year to result in "a small loss" but noted that it still remained on track to deliver "a small profit" for the full year, in line with current market expectations.

The AIM-listed group also said it had continued to improve its margins and operational KPIs year-on-year and noted that it had delivered "good progress" during the first half.

Chief executive Mike Gallacher said: "The first half of 2019 has seen significant progress delivered against phase two of our turnaround plan and we continue to focus on accelerating the company's operational recovery, controlling costs and improving margins.

"Our focus in the second half will be to continue to establish the foundations for sustained growth in 2020 as we move into phase three of our plan."

Safestyle also highlighted that cash remained "a key priority for management" and said it continued to expect full-year net cash to come in ahead of the £300,000 reported a year earlier.

As of 0900 BST, Safestyle shares had slid 2.25% to 64.02p.