Organic growth spells success for Safestyle UK

Yorkshire-based window and door manufacturer Safestyle UK has announced a rise in profits and revenue in its first full year of results since its flotation in December.

The company revealed its order intake in the first quarter has risen from the previous year and it intends to continue this growth organically.

Steve Birmingham, chief executive said:

“We see 2014 very much following on from 2013. Our orders in the first quarter are up and market share is up.

“These two factors suggest 2014 will be a very good year for us.”

The organisation, which employs 600 staff at factories in Bradford and Barnsley, joined the Alternative Investment Market (AIM) in December with an initial market capitalisation of around £77m, making it the second largest AIM flotation of 2013.

In 2013, the firm invested in two new
 two new sales branches and two installation depots, to captialise on rising demand in southern parts of the UK.

Birmingham added:

“We’ve opened two new sales offices but there are still quite a lot of areas under represented, so much of what we will do is reversing that under representation by increasing our presence organically.

“We will see how the two new offices go, but maybe by the end of the year we will open another branch.

“We are continuing to grow. The market is working in our favour. We want to get steady growth but keep the bottom line growing.”

The results from the year ending December 2013 revealed underlying EBITDA of £15.8m, with an increase in gross profits of 18% to £45.2m.

Revenue is up 13% to £124.8m and profit before tax, listing costs and tax settlement of £15m for the year increased 58%.