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Safestyle H2 revenues on the rise despite second national lockdown
17th Dec 2020 09:33
(Sharecast News) - Windows and doors manufacturer Safestyle said on Thursday that it was able to largely continue operations as normal despite the UK being plunged into a second national lockdown in November.
Safestyle stated that since its interim results in September, it had witnessed further strong order intake growth, leading the business to increase its operational capacity and recruit staff across processing, survey, manufacturing and installations.
As a result, the AIM-listed group delivered 9% year-on-year revenue growth in the third quarter and now expects to deliver roughly 20% revenue growth in the fourth.
Safestore said it will enter 2021 with its "strongest ever installation pipeline at this stage of the year", providing it with a solid platform to maintain current trading momentum whilst at the same time providing some insulation against the potential impact of disruption to future sales activities from the Covid-19 and further lockdowns.
Chief executive Mike Gallacher said: "Despite the unprecedented challenges faced by the group during the year, I am pleased with the recent tangible progress we have made in stepping up our operational capacity and delivering strong revenue growth, whilst further strengthening our order book.
"Moreover, we have also made good progress on our longer-term strategic priorities. Notwithstanding the uncertainty associated with the current economic backdrop, the group is well positioned to build on this positive momentum going into 2021."
As of 0930 GMT, Safestyle shares had surged 17.12% to 43.10p.
Safestyle stated that since its interim results in September, it had witnessed further strong order intake growth, leading the business to increase its operational capacity and recruit staff across processing, survey, manufacturing and installations.
As a result, the AIM-listed group delivered 9% year-on-year revenue growth in the third quarter and now expects to deliver roughly 20% revenue growth in the fourth.
Safestore said it will enter 2021 with its "strongest ever installation pipeline at this stage of the year", providing it with a solid platform to maintain current trading momentum whilst at the same time providing some insulation against the potential impact of disruption to future sales activities from the Covid-19 and further lockdowns.
Chief executive Mike Gallacher said: "Despite the unprecedented challenges faced by the group during the year, I am pleased with the recent tangible progress we have made in stepping up our operational capacity and delivering strong revenue growth, whilst further strengthening our order book.
"Moreover, we have also made good progress on our longer-term strategic priorities. Notwithstanding the uncertainty associated with the current economic backdrop, the group is well positioned to build on this positive momentum going into 2021."
As of 0930 GMT, Safestyle shares had surged 17.12% to 43.10p.