Windows and doors retailer expects to slip to a loss
Safestyle UK, a retailer and manufacturer of PVCu replacement windows and doors, expects to make an underlying pre-tax loss of £4.5m for the year ended 1 January 2023 (FY22).
The Bradford-headquartered group also anticipates revenues of about £154.3m for the same period, which is around 7.7% higher than the prior year.
Rob Neale, CEO of Safestyle, said: “Despite a number of unforeseen challenges in 2022, I am pleased with the significant progress we delivered on our strategic priorities and whilst we remain mindful of the difficulties facing UK consumers, we are confident our business will continue to trade resiliently and return to profitability in 2023.
“Since taking on the CEO role in December, I am excited about the medium term opportunities for the group and look forward to updating shareholders on progress at our Final Results in March.”
The replacement of the group’s existing facility with a new £7.5m revolving credit facility to the end of 2026 has been completed.
While Safestyle says it expects trading conditions will remain “reasonably challenging” in the short-term, its order book at 31 January 2023 was marginally higher than at the same time last year.
The business adds its products should perform well in what has proven to be a resilient sector, supported by an ongoing focus on energy-saving products by consumers.