StockMarketWire.com - Safestyle UK, the retailer and manufacturer of PVCu replacement windows and doors, made an underlying pre-tax profit of £15.1m in 2017, down 26.3% from the previous year.

Revenue fell 0.5% to £158.6m.

Safestyle said its financial performance was impacted primarily due to increases in lead generation costs, consumer finance subsidy costs and raw materials. The market declined by an estimated 9% overall, although the group increased its market share from 10.2% to 10.7% at the year end.

The company said market conditions at the start of 2017 were relatively stable, but the market contraction accelerated thereafter, reflecting declining consumer confidence, with volume falling 10.2% for the remainder of the year.

It added: "The current outlook for the market for large household discretionary purchases remains challenging and the board expects market conditions to continue to be challenging in 2018."

As a result of the deteriorating market conditions and the activities of an aggressive new competitor, the group's order intake in 2018 to date has been weak and its market share is under pressure, Safestyle said.




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