Safestyle UK PLC Trading and Operations Update & Notice of Results (5290O)
10 Febrero 2021 - 1:00AM
UK Regulatory
TIDMSFE
RNS Number : 5290O
Safestyle UK PLC
10 February 2021
10 February 2021
Safestyle UK plc
("Safestyle" or the "Group")
Trading and Operations Update & Notice of Results
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 and operations update in
advance of its preliminary results announcement for the year ended
31 December 2020 ('FY20') on 25 March 2021.
Trading Performance
Following the Trading Update issued on 17 December 2020, the
Group confirms that it expects FY 2020 revenue to be over GBP113m,
with H2 2020 revenue up 15% year on year. The underlying loss
before taxation for the full year is expected to be approximately
GBP(4.7)m, the loss being fully attributable to the cessation of
operations during the first national lockdown in H1. The Group
returned to profit for H2 in line with expectations. Finally, the
closing net cash position is expected to be approximately GBP7.6m
at year-end.
Operations Update
In early January, in response to the current national lockdown
and in conjunction with guidance provided by the industry body, the
Glass and Glazing Federation (the 'GGF'), the Group temporarily
ceased in-home selling and door canvass operations. After close
consultation with Government, the GGF further updated its guidance
at the end of January and as a result, the Group has restarted
in-home selling in February. Given the context of the lockdown,
Door Canvass operations remain temporarily halted.
The Group maintained remote sales appointments through January,
leveraging the investment in technology and training made through
2020. Going into the new year, management actions and investment
had resulted in an order book that was over 80% higher than 2019's
closing position. Whilst the Group continues to make use of the
healthy order book built during H2 2020, the interruption of
in-home sales at the start of the new financial year has had some
impact on further order intake momentum. But critically, using
strict and effective COVID-safe policies, the Group has been able
to maintain healthy revenue levels thus far in 2021 as its
manufacturing and installation operations continue.
Outlook
The restart of in-home selling in February presents an
opportunity for the Group to regain the strong order intake
momentum established in H2 2020. The business is optimistic that
Door Canvass operations will be allowed to restart during Q2 2021
as the UK moves out of the current lockdown.
Given the Group's strong order book and installation pipeline,
the Board expects to make good progress in 2021.
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 / Daniel 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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