AGM Statement

RNS Number : 4777F

Safestyle UK PLC

18 May 2017

 

18 May 2017

Safestyle UK plc

("The Group")

AGM Statement

Steve Halbert, Chairman of Safestyle UK plc, the leading UK focused retailer and manufacturer of PVCu replacement windows and doors for the homeowner market, will make the following statement at today's Annual General Meeting in respect of current trading:

"2017 started positively with robust order intake in the first quarter, however recent trading has been weaker than expected reflecting the latest FENSA statistics which have shown a significant contraction in the overall market in the first quarter of 2017. As a result, compared with an exceptionally strong equivalent trading period last year, the Group has seen more modest overall growth of 2% in order intake for the first four months of 2017.

The Group expects to grow revenues in the first half of the financial year, but anticipates profits in the first half will be lower than the comparative period last year due to a combination of lower than planned volumes and some parallel running costs following investment in our new production facilities, as previously outlined. We have a number of initiatives underway and combined with the impact of enhanced production productivity, expect an improved performance in the second half of the financial year.

The Group continues to gain market share and to build its order book during the first half. While we are currently operating in a more challenging trading environment, the Group's balance sheet and cash generation remain strong and the Board is confident of delivering Full Year results broadly in line with market expectations."

Enquiries:

Safestyle UK plc Steve Birmingham, Chief Executive Officer Mike Robinson, Chief Financial Officer	via FTI Consulting
Zeus Capital (Nominated Adviser & Joint Broker) Nick How / Dominic King / Andrew Jones	Tel: [phone]
Liberum Capital Limited (Joint Broker) Neil Patel / Jamie Richards	Tel: [phone]
FTI Consulting (Financial PR) Oliver Winters / Alex Beagley / James Styles	Tel: [phone]

About Safestyle UK plc

The Group is the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market.  For more information please visit www.safestyleukplc.co.uk or www.safestyle-windows.co.uk

 

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