Increasing optimism in the UK economy has led Phoenix Door Panels, part of Masco UK Window Group, to forecast company growth across its product portfolio of at least 13% this year.
The composite door and PVC-U panel manufacturer, which specialises in the domestic replacement door market, is predicting ‘a strong 2014 against a backdrop of upbeat national growth forecasts and growing consumer confidence’.
“We had already forecast growth this year in line with more buoyant market conditions and the economy starting to pick up,” commented Haydon Statham, Phoenix national sales manager. “However, we may need to revise these initial thoughts as further evidence of our economic recovery continues to emerge.”
Haydon’s comments coincide with January’s increased growth forecast for the UK economy from the International Monetary Fund (IMF). It now expects the economy to grow 2.4% this year, faster than any other major European economy, against its previous forecast of 1.9%. In 2015, it expects growth of 2.2%.
Glazing industry pundits are also heralding a return to steady underlying growth, with AMA Research forecasting the residential doors market to reach around £725 million by 2017 – albeit still approximately 19% below 2007 levels.
Haydon continued: “People may think that the last five years’ economic climate is ‘normal’, but it’s not; times have been tough. The tide is now turning and that’s great for everyone. We think our forecast figures are more than achievable.
,“Phoenix has continued to invest in its manufacturing infrastructure and product range such as twin doors, stable doors and the recent contemporary Continental Collection of GRP composite doors that are meeting demand for innovative and aesthetic designs. This puts us in a strong position to respond to the upturn, which is happening now.”
He added: “The house building industry is continuing to recover and we already know that homeowners tend to replace their front entrance doors within the first five years of being in a new property. So that’s our market secure right until the next Olympics!”