Safestyle UK PLC Half Year Trading Update (7877G)
26 Luglio 2019 - 8:00AM
UK Regulatory
TIDMSFE
RNS Number : 7877G
Safestyle UK PLC
26 July 2019
26 July 2019
Safestyle UK plc
("Safestyle" or the "Group")
Half Year Trading Update
Safestyle UK plc (AIM: SFE), the leading retailer and
manufacturer of PVCu replacement windows and doors to the UK
homeowner market, today issues a trading update for the six months
ended 30 June 2019, in advance of its half year results
announcement scheduled for 19 September 2019.
Since the Group's AGM Statement on 16 May 2019, management has
continued to make progress on Phase Two of its Turnaround Plan
which is focused on recovering volumes and market share, restoring
operational effectiveness, reducing costs and enhancing margins. As
expected, the first half of the year will result in a small loss,
but despite a challenging market where consumer demand appears
soft, the Group remains on track to deliver a small profit for the
full year which is in line with current market expectations.
In the first half of the year, the Group continued to rebuild
its order book and as a result, revenues for the period will be
c.GBP64.4m, 6.4% higher than H1 2018 with May and June being c.15%
higher than the same months in 2018.
FENSA installation statistics for the first half indicate that
the market has declined in volume by 8.2% versus H1 2018. Against
this disappointing market performance, we have grown market share;
by 16.5% versus H1 2018 and by 19.5% versus H2 2018.
The Group continues to improve its margins and operational KPIs
versus the prior year and has delivered good progress during H1.
During 2018, the cost base of the business had grown and a broad
range of actions have now been taken to significantly recover our
earlier, more competitive cost base. The benefits from these
actions are expected to have a fuller impact on the Group's
financial results during H2 and the Board forecasts a significant
reduction in overheads versus 2018.
Cash remains a key priority for management and the Board
continues to forecast that full year net cash will increase versus
FY 2018's closing positive level of GBP0.3m.
Mike Gallacher, CEO of Safestyle UK, commented:
"The first half of 2019 has seen significant progress delivered
against Phase Two of our Turnaround Plan and we continue to focus
on accelerating the Company's operational recovery, controlling
costs and improving margins. This work has been enabled by enhanced
financial transparency and performance metrics as a result of our
2018 digital project.
"Our focus in H2 will be to continue to establish the
foundations for sustained growth in 2020 as we move into Phase
Three of our Plan."
Enquiries:
Safestyle UK plc via FTI Consulting
Mike Gallacher, Chief Executive Officer
Rob Neale, Chief Financial Officer
Zeus Capital (Nominated Adviser & Joint Tel: 0203 829 5000
Broker)
Dan Bate / Andrew Jones / Dominic King
Liberum Capital Limited (Joint Broker) Tel: 0203 100 2100
Neil Patel / Jamie Richards
FTI Consulting (Financial PR) Tel: 0203 727 1000
Alex Beagley / James Styles / Sam Macpherson
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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END
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