Cyberattack impacted H1 profitability, glazing firm says

Bradford-based double-glazing firm Safestyle posted first-half revenues growth of 7.2%, but said a Russian cyberattack in January reduced profits by £4 million.

The firm posted a pre-tax loss of £2.8 million. In addition to the cyberattack, it began a £5 million strategic investment programme, which included an earlier than usual TV ad campaign due to the unusually hot summer.

The firm said sales grew 11.7% and its order book grew 17.7%. It predicts double-digfit revenue growth for the second half.

Chief executive Mike Gallacher said: “Looking ahead, notwithstanding the challenging macro-economic conditions, we still expect the business to deliver both an (underlying) profitable full year and positive cashflow from operations.

“As a result of the challenges in Q3 caused by the unusually hot weather and the Board’s commitment to our strategic investment programme, we now expect full year underlying profit will be no lower than £1.0m.  As ever, the Group remains keenly focused on advancing our strategic priorities and believe these investments will leave us well positioned to deliver sustainable long-term performance for our shareholders.”