MARKET REPORT: Door and window-maker Safestylecrashes after profit shock
Daily Mail Safestyle lost nearly half its value as it warned that results will be worse than feared amid a slump in demand.
Britains biggest maker and seller of doors and windows, which has installed frames and conservatories in England and Wales for more than three decades, usually expects its sales to surge from mid-August as customers prepare their homes for the colder months.
But its most important trading period of the year has been weaker than expected, with orders down around 11 per cent year-on-year.
Safestyle said volumes have fallen across the industry due to the tough economic conditions and a slowdown in the housing market.
The group has aimed to make savings by cutting shifts in its factory alongside allowing board members to voluntarily waive their pay.
But it warned this will not be enough to offset the short-term slump in demand.
As a result, Safestyle said it is now likely to make between 140million and 142million of revenue this year alongside a loss of 9.5million to 10.5million.
