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Shares in AIM-listed window manufacturer Safestyle UK (LON:SFE) dropped by 12.38% to 60.63p (as of 8:10 GMT) as market conditions remained challenging during the second half of the year ended 31st December. There was a 10.7% improvement in second-half sales, but consumer confidence remained weak and management remained cautious about future market conditions.
CEO Mike Gallacher commented: “The new Executive team has been in place for 12 months and I am pleased with the pace at which we have stabilised the business, reduced costs, embedded regulatory compliance and enhanced our operational effectiveness. However, there remains a lot to do as we move into the final phase of our Turnaround Plan. Recently and concurrent with our internal challenges, there have been huge regulatory changes in the industry, whilst consumer buying behaviour and customer service expectations have evolved. As the UK market leader, with the right investment in 2020, we believe we are ideally placed to benefit from these trends and I am determined to further establish the foundations needed to deliver sustainable profit growth and long-term success for Safestyle“.