Wednesday, October 28, 2020

‘Strong trading performance’ for Safestyle despite COVID impact

Despite a downturn in turnover and widening pre-tax losses driven by COVID-19, Safestyle UK has reported a “strong trading performance” in interim results released this week.

For the six months to 30 June 2020, the listed Bradford-based company has reported revenue of £42.1 million – down from £64.4 million for the same period of 2019. Moreover, pre-tax increased from £2.5 million in 2019 to £5.6 million.

According to the interim report, the company’s turnover and profitability had been ahead of 2019 at the start of the period. But operations ceased from March with the onset of lockdown to late May.

However, with the resumption of its operations, Safestyle UK said it has achieved year-on-year growth in its order intake of 26.4% across June to August.

“Since we re-emerged from lockdown, our strong order intake performance has been sustained and we have moved to ramp up operational capacity to match this demand,” said Chief Executive Mike Gallacher.

“We have experienced some operational challenges linked to recovering the backlog of warranty work from the lockdown, our growth and recent supplier performance. We are focused on ensuring that the impact of these issues on our good customer service levels is addressed promptly.

“It is not yet clear if the recent strong trading performance is sustainable in light of the current economic environment and any uncertainty is likely to impact consumer confidence.

“However our strong order book, our position as a leading national value brand and the progress made on modernising the business leaves us well positioned to sustain our momentum as we move into 2021.”

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