Safestyle warns Coronavirus could slow its return to profitability

The Bradford-based windows and doors firm made a £16.3m loss before tax in 2018, as revenue fell by more than £40m but its full year results for 2019 saw this loss slim to £3.8m.

Revenue was up 8.4 per cent to £126.2m and its market share was 8.5 per cent up from 7.8 per cent in 2018.

Analysts at Zeus Capital hailed the progress and said Safestyle was in a better place to cope with any Coronavirus-related disruption than it had been for some time.

CEO Mike Gallacher said: “The results for 2019 announced today show good progress in our turnaround plan. The business has started strongly in 2020 but is now facing into the challenges posed by the COVID-19 pandemic.

"We are responding rapidly with the twin aims of protecting our people and customers, while providing the best service possible through the crisis. Our contingency planning was conducted early and our responses are being executed with huge support from our staff and agents.

"Our results show that during 2019 the business restored profitability and closed the year with a healthy order book and having laid strong foundations for continued performance improvement and sustainable growth. Our intent remains to build the business for the long-term benefit of shareholders with our trusted value brand whilst consolidating our position as the UK’s No 1 choice for Windows and Doors.”