Safestyle UK enjoys rebound as consumers focus on their homes
GLASS ACT:
SAFESTYLE UK, the retailer and manufacturer of PVCu replacement windows, said it had experienced a strong rebound in orders as the lockdown eases.
The company said a major shift in consumer spending from travel and leisure to home improvements has driven the growing demand for Safestyle’s products.
The group said order intake for the eight weeks from May 25 was 23.2 per cent ahead of the same period last year. In a trading update for the six months ended June 30, 2020, Safestyle said it was profitable in January, February and June.
The order book carried into the second half of the financial year is 45 per cent higher than at the same point last year.
The company’s board said it was encouraged by the restart performance while recognising that confidence and consumer demand remain uncertain.
Mike Gallacher, the chief executive of Safestyle UK,said: “Prior to the lockdown on March 23 the business was ahead of our internal budget and making good progress on its strategic priorities.
“The lockdown was managed smoothly with a small skeleton staff maintaining our order book, providing emergency customer support and running a trial remote digital sales team.
“During April we were pleased to receive strong support from our shareholders in an £8.5m placing of new shares which significantly strengthened our balance sheet and provided additional liquidity which proved helpful as we restarted the business.
“Our view is that the combination of deferred lockdown demand and a major shift in consumer spend from travel and leisure to home improvement have driven the increased demand we have experienced.”