Safestyle UK PLC AGM Statement and Notices of CMD & Interim Results (0593O)
08 Junio 2022 - 1:00AM
UK Regulatory
TIDMSFE
RNS Number : 0593O
Safestyle UK PLC
08 June 2022
8 June 2022
Safestyle UK plc
("Safestyle" or the "Group")
AGM Statement and Notices of a Capital Markets Day and Interim
Results
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"):
Trading update
Our trading has remained in line with expectations, supported by
our largest TV campaign since 2017, with an updated brand identity
and communications platform. We believe that this campaign has
helped mitigate the impact of declining consumer confidence and
general economic uncertainty.
Despite a cyber attack which affected us severely during Q1,
order intake has remained robust, growing by 16.3% to the end of
April. Our order book at the end of April, at 26% higher than last
year, will continue to support strong revenue levels through the
summer.
Revenue for the first four months of the year was 6.7% ahead of
last year, with March and April delivering over 10% growth
reflecting the recovery from operational disruption caused by the
cyber attack in January.
As previously communicated, the cyber attack will impact H1
financial performance primarily through disruption to customer
service and a delay to a planned material price increase. The price
increase has now been implemented and the business will continue to
respond quickly to any future increase in costs. Concurrently, we
are putting a commensurate focus on our internal productivity and
overheads.
Strategic priorities
The business has continued to progress its strategic agenda as
outlined in our preliminary results announcement and Annual
Report.
-- New TV campaign: our new TV campaign aired between February
and April, leveraging our consumer insight work and utilising David
Seaman, OBE, as our new brand ambassador. The communication
platform of 'Great Saves with Safestyle' has performed well,
driving increased sales and improved brand awareness.
-- Safestyle Academy: faced with widespread skill shortages we
initiated a significant investment in training new installers. The
programme has been heavily oversubscribed since launch and is now
full.
-- Levelling up depots and sales branch performance: our new
depot training programme will launch in the coming weeks,
supporting our new Standard Operating Procedures which will unlock
the benefits of best practice across our network.
-- Sustainability: having delivered our 2024 CO(2) targets by
the end of 2021, representing a 19.1% reduction since 2020, we are
now driving incremental improvements and have reset our targets for
a further 6% reduction for 2025. We intend to complete a Scope 3
audit of our 10 largest suppliers by the end of the year.
Outlook
The Board acknowledges the current wider economic uncertainty,
but remains of the view that our strong marketing plans and value
proposition offers resilience against a possible decline in demand.
We will continue to anticipate and act early on costs and pricing
while also focusing on controlling our overheads and driving
productivity.
Guidance for the full year remains unchanged with the financial
impact of the cyber attack confined to H1. Despite the challenging
context, our H2 financial performance is forecast to follow the
improving trajectory achieved in FY 2021.
Capital Markets Day and Notice of Interim Results
Having successfully navigated a number of years of turbulence,
the Board has communicated its intent to outline the Group's
strategic roadmap for the medium term. To ensure we can communicate
this to as wide a group as possible, this will take the form of a
Capital Markets Day presentation on 7 September 2022. Further
details will be published nearer the event.
The Group will report its interim results for the six months
ending 3 July 2022 on Thursday 22 September 2022.
Enquiries:
Safestyle UK plc via FTI Consulting
Mike Gallacher, Chief Executive Officer
Rob Neale, Chief Financial Officer
Zeus (Nominated Adviser & Joint Broker) Tel: 0203 829 5000
Dan Bate / Daniel Harris (Investment
Banking)
Dominic King (Corporate Broking)
Liberum Capital Limited (Joint Broker) Tel: 0203 100 2100
Neil Patel / Jamie Richards
FTI Consulting (Financial PR) Tel: 0203 727 1000
Alex Beagley / Sam Macpherson / Amy Goldup
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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