Safestyle issues profit warning as double glazing salesmen feel the pinch

The squeeze on consumers claimed an unpopular victim on Tuesday — the double-glazing salesman.

Windows firm Safestyle UK issued a profit warning as it warned inflation-hit Brits have started to hold off on buying double glazing.

The AIM-listed business, which sells windows, doors and conservatories, warned that the second quarter “has been more volatile than we have experienced for a long time”. That’s despite the retailer and manufacturer growing market share and increasing its orders in the first half of the year.

Mike Robinson, the firm’s finance chief, told the Evening Standard: “We are seeing some people feeling the pinch, and some who are nervous about their future real incomes.”

He added that his products are a luxury that customers can easily hold off buying in times of uncertainty.

The company is famed for its ads featuring the mulleted Jeff Brown and his tagline “You buy one, you get one free”. It now expects full-year profits to be lower than the £21.5 million the City forecast.

The shares plunged 31.75p, or 12.35%, to 225.25p.

Russ Mould, investment director at stockbroker AJ Bell, said: “Given the uncertain market conditions and weaker consumer confidence, Safestyle is being prudent in expecting only modest revenue growth for the remainder of the year.”

Chief executive Steve Birmingham said: “We have taken firm action to reduce our operating costs in the second half. Having completed the investment in our production facility on time and on budget, we are well positioned to take advantage of the upturn in demand when it occurs.”