StockMarketWire.com - Replacement window and door manufacturer Safestyle UK scrapped its dividend and said its chairman had resigned as it issued another profit warning.

Revenue and underlying profit would be 'significantly' below market expectations, the company said, thanks to weak consumer confidence and intense competition.

Safestyle UK had already warned in December that softer market conditions had been exacerbated by 'an aggressive new market entrant'.

Since then, the company said the activities of the competitor had intensified and that it had therefore taken longer to rebuild its order intake to a desired level.

A proposed final dividend of 7.5p per share would no longer be paid.

Chairman Steve Halbert would be replaced by current director Peter Richardson.

Profits for the year, while below expectations, were expected to be heavily weighted to the second half.

'The board remains resolutely focused on protecting Safestyle's leading market position,' the company said.

'Early evidence shows that the group's sales and canvass teams are more effective in those locations where rebuilding has occurred.'

'As an immediate priority, the board is undertaking a detailed strategic review of its operations and has a number of measures in hand aimed at addressing the competitive situation and improving performance.'


At 9:35am: [LON:SFE] Safestyle UK PLC share price was -15.4p at 64.6p



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