26th Jul 2019 12:55
(Alliance News) - Windows and doors firm Safestyle UK PLC on Friday said it is on track for an annual profit following good progress in its turnaround over the interim period.
For the first half ended June, Safestyle's revenue grew 6.4%, to GBP64.4 million, while May and June was 15% higher year-on-year.
Margins are improving, Safestyle said, and it has reduced its cost base. Safestyle expects the full impact of these changes to be felt in the second half of 2019.
"Management has continued to make progress on phase two of its turnaround plan which is focused on recovering volumes and market share, restoring operational effectiveness, reducing costs and enhancing margins," said Safestyle.
"As expected, the first half of the year will result in a small loss, but despite a challenging market where consumer demand appears soft, the group remains on track to deliver a small profit for the full year which is in line with current market expectations."
Shares were 3.0% higher on Friday afternoon at a price of 67.80 pence each.
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