Safestyle predicts up to £1.5m in losses

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Bradford-based Safestyle has forecast turnover to soar by more than 10 per cent as it continues to progress its turnover plan.

Safestyle has forecast turnover of about £126m for the last financial year,,

The figure is 10.7% higher revenue than for the same period in the prior year.

The retailer and manufacturer of PVCu replacement windows and doors said it had seen a solid recovery in market share from 7.0% at the end of 2018 to 8.4% in Q3 2019.

Sales performance accelerated in November and December, driving additional lead generation costs in quarter four while strengthening the year-end order book, which increased by 24% versus 2018's closing position.

The board is now predicting an underlying loss before tax for FY19 of up to £1.5m.

Mike Gallacher, CEO of Safestyle UK, commented:

"The new Executive team has been in place for 12 months and I am pleased with the pace at which we have stabilised the business, reduced costs, embedded regulatory compliance and enhanced our operational effectiveness.

"However, there remains a lot to do as we move into the final phase of our Turnaround Plan. Recently and concurrent with our internal challenges, there have been huge regulatory changes in the industry, whilst consumer buying behaviour and customer service expectations have evolved.

"As the UK market leader, with the right investment in 2020, we believe we are ideally placed to benefit from these trends and I am determined to further establish the foundations needed to deliver sustainable profit growth and long-term success for Safestyle."