Safestyle feels a cold draught as its shares dive

Shares in troubled Safestyle plunged on Wednesday after it said double-glazing salesmen are grappling with weaker consumer demand and snow-related disruption, and issued a profit warning.

The AIM-listed business, which sells windows, doors and conservatories, warned that 2017 profits are expected to come in at around £15 million, below the £16.3 million analysts had pencilled in. It is its fourth profit warning this year.

Safestyle also lowered its expectations for its 2018 performance, and added that “challenging” conditions will continue.

The unscheduled update follows sales in the three months to November falling 0.3% by value and 6.8% by volume. Some inflation-hit Brits are holding off on luxury purchases.

It also warned December sales have not been helped by bad weather. Matthew McEachran, an analyst at N+1 Singer, said disruption to Safestyle’s installation programme due to the snow “will delay some business into Q1 next year”.

Safestyle is reviewing costs to offset tough market conditions.

The shares fell 34.26p, or more than 17%, to 156.99p.