Shares lose their sparkle at glazing company

Shares in Safestyle lost their shine after the double-glazing windows and doors group issued a profits alert and said its chairman was leaving.

The firm told investors that it had been stung by an “aggressive new market entrant” which is eating into its customer base, particularly its sales and canvass divisions. It also again pointed to a slump in consumer confidence.

It said: “The activities of this competitor have intensified and the group has taken longer to rebuild its order intake to the rate previously anticipated, and has also experienced cost increases as management takes the necessary actions to address these challenges.”

The group also intends to cancel its final dividend as it scrambles to strengthen its balance sheet.

As part of the update, the firm said chairman Steve Halbert had resigned from the board with immediate effect. Non-executive director Peter Richardson has been appointed as replacement. He said the firm was aiming to be a “stronger, fitter, more agile business”.