Safestyle UK PLC AGM Statement (8397M)
14 Maggio 2020 - 8:00AM
UK Regulatory
TIDMSFE
RNS Number : 8397M
Safestyle UK PLC
14 May 2020
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
14 May 2020
Safestyle UK plc
("Safestyle", the "Company" or the "Group")
AGM Statement
Alan Lovell, 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 ("AGM"):
Lockdown Period Update
Since the end of March, in line with our commitment to the
health and safety of our people and guidance published by the
Government in relation to the UK's response to the COVID-19
outbreak, all of the Company's locations across the country have
remained temporarily closed and all survey and installation
activities paused.
Throughout this lockdown period, the Company has furloughed the
majority of its workforce and has benefitted from the Government's
Coronavirus Job Retention Scheme in covering the majority of the
ongoing staff costs associated with retaining its workforce. The
Company has kept a limited number of employees working to maintain
telephone contact with customers and provide them with emergency
service support alongside regular updates on the status of their
orders.
Immediately following the temporary cessation of our operations
in March, the Company successfully raised GBP8.5 million in a share
placing and obtained a covenant waiver on its existing borrowing
facilities for the duration of the lockdown period from its
lenders. Together with the initiatives undertaken to preserve cash,
these actions have strengthened the Group's balance sheet and
resulted in available liquidity in excess of GBP12m at the date of
the AGM.
Restarting Operations
In light of the Government's updated guidelines, the Group's
senior management are now planning a restart of our commercial
operations. The plan is based on a phased and measured return to
work for the business and involves a number of temporary changes to
our policies and practices to ensure staff and customer safety. As
a business, we are confident in our ability to operate in line with
the COVID-19 Secure guidelines, as soon as it is permissible to do
so.
With the necessary health and safety measures in place, the
Company is currently expecting to restart operations, including
manufacturing, installations, surveying and selling activities by
the end of May. Staff working in the Company's various support
functions will also begin to return to work in line with this
phased restart, although the Company will continue to ensure people
who are able to work from home do so.
Clearly there are high levels of uncertainty around consumer
demand for the year ahead, the challenges of selling in home and
the competitive environment. The Company will seek to adjust to
this operating context rapidly. It will continue to utilise the
Coronavirus Job Retention Scheme as required through the summer,
whilst maintaining tight controls on the Group's cost base and
closely monitoring available liquidity.
Looking Forward
It remains impossible to provide financial guidance for the year
ending 31 December 2020 in the current environment pending further
certainty of the impact of the COVID-19 pandemic on consumer
confidence and any negative impact on established ways of working.
As and when we are able to provide further information we will do
so.
Whilst the short-term outlook remains uncertain, the Board has
considered various scenarios as part of plans to re-start
operations safely in response to customer demand and continues to
target progress made in the Group's Turnaround Plan. Moreover, the
business is more resilient with a leaner fixed cost base and
considerable liquidity to underpin its ability to navigate through
the challenges presented by the pandemic and return to its plans as
quickly as possible.
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 / D aniel Harris / 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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