2021 Half 1 Results Announcement

11th October 2021

Results announcement

On the 26th of September, we were extremely pleased to announce our interim results for the 6 months ending on July 4th 2021, characterised by widely improved gross margins and continued progress made against our strategic priorities.

The clear, strong first half of the fiscal year is defined by our underlying profit before taxation of £5.1m, representing our strongest financial performance since H2 2017.

This can be seen as a great success, especially considering the challenges of 2020 which still had a great impact on H1 2021. Although our main priority remains the safety of our staff and customers, we definitely are proud to have shown huge flexibility through the sustainment of commercial operations.

In addition to this, Safestyle has managed to achieve a 10.9% reduction in our CO2 per frames installed versus 2020, with 95% of old products from customers' homes being recycled. Many initiatives are underway which are expected to further reduce emissions and further increase our recycling in H2, aiming for 100% in the near future!

Results announcement

Thus, with continued progress made against our core strategies, including brand development, consumer finance costs, revenue management, compliance and sustainability, this half is definitely one we can be proud of.

Commenting on the results, our CEO Mike Gallacher said:

"The business faced continued operational disruption during H1 and I am proud of the flexibility and resilience of all our staff in sustaining our operations while ensuring the safety of our customers and our people.

The momentum we built on return from the first lockdown was sustained into H1 2021 resulting in strong revenue growth versus 2019 and an order book 65.7% higher than at the end of H1 2019. This performance has underpinned our ability to deliver a rapid recovery in profitability".

Going forward, and with continued operational challenges anticipated for the rest of the year, we will endeavour to take further action to anticipate these pressures and to ensure we maintain growth.

As of July and August, and hopefully for the rest of H2, trading has continued to be as expected despite the operational challenges which continue to affect us. We will look to apply a continued focus on delivering and embedding our long term strategic priorities; although faced with uncertainty, we can expect with confidence for the performance of the full year of 2021 to be in line with current expectations.

All in all, we go forward into H2 with the aim of exiting 2021 having recovered service levels to our pre pandemic standards.

In the press:

APS Ethical Sales Business Accreditation 2021-23