Safestyle falls as it reports third profit warning of the year

Shares in double-glazing firm Safestyle (LON:SFE) tumbled 9.2p to 40.5p (as at BST) after it reported its third profit warning of the year. The firm said it expects to report a small underlying pre-tax loss for the year, while revenues are likely to be below market expectations. However, there was some good news as management said order intake has firmed up in recent weeks.

“Against a background of weaker consumer spending on higher value home improvement products, exacerbated by the loss of significant numbers of canvass, sales and installation staff to the new competitor [SafeGlaze], order intake has firmed up in recent weeks, albeit at a lower level than the previous management team had expected,” said the firm.