GB : Safestyle - On track with demand improving

Safestyle’s update confirms that trading has been strong, with revenues 10% ahead of 2019 in the first four months. Its margins are up markedly against 2019 and 2020 as its self-improvement measures have delivered. Safestyle has maintained its strong order book, up 83% at the start of the year, defying our expectation that it would shrink. Cost increases have been passed on and self-improvement measures have more to offer. We leave our ambitious estimates unchanged but raise our target price to 80p as we are more confident on margin improvement.

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