Bradford-based window and door company Safestyle UK said its 2017 revenue slipped 0.5% to £158.6 million and profit before tax fell 28.5% to £13.8 million — and that the start to 2018 has been difficult.
Safestyle UK CEO Steve Birmingham said: “During 2017 the market became increasingly challenging and although Safestyle again increased market share, the group’s financial performance was impacted primarily due to increases in lead generation costs, consumer finance subsidy costs and raw materials.
“The start to 2018 has been difficult and as previously announced our order intake has been below management expectations as a result of the continued deteriorating market, declining consumer confidence and increased competitive environment.
“We have already taken action to reduce our cost base and modernise our sales and canvass operations. We expect the major benefits of these efforts to take effect in the second half of 2018.
“2018 will be a year of transition as we continue to invest in operational improvements so that by the end of the year we will have a leaner, fitter and more cost effective business.”