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News » UK » Windows firm issues second profits warning » published 8 Sep 2017

Windows firm issues second profits warning

Mounting economic uncertainty is prompting homeowners to tighten their belts and spend less on building improvement works, a leading windows and doors company is finding.

Safestyle UK makes and installs PVCu replacement windows and doors for the UK homeowner market. It has just issued its second profits warning in a matter of weeks.

Safestyle announced on 18th July 2017 that given the uncertain market conditions and weaker consumer confidence it anticipated profit for the year would be lower than previously expected and broadly in line with 2016. Since then, its order intake has dropped off even more than expected.

“The board believes this is due to an accelerating weakness in the market resulting from increasing consumer caution, as evidenced by the latest FENSA statistics, which show that the overall market has deteriorated further, with installations down by 18% in June and July compared to 2016,” the company said in a trading statement.

It added: “Safestyle has continued to grow market share and remains well positioned in the event of a market recovery. However, given the marked change in market conditions, we now expect full year 2017 group revenues to be flat year on year.  At the same time, our efforts to drive order intake are incurring additional costs, thereby adversely affecting the group's margin performance, and leading to a material impact on full year profits.”

In 2016 Safestyle UK made pre-tax profit of £19.3m on revenue of £163m.

 

 

 

MPU

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This article was published on 8 Sep 2017 (last updated on 8 Sep 2017).

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