Safestyle set to restart amid ‘high levels
of uncertainty’ – Lovell
19th May 2020

Safestyle UK is to restart its operations by the end of the month, chairman Alan Lovell said this week.

But he warned in a statement to the company’s AGM that uncertainties about consumer demand during the Covid pandemic meant it was impossible to make any financial forecast for 2020.

The company will conduct a phased and measured return to selling, manufacturing and installation as well as those working in support functions, adding that people will continue to work from home where possible.

He told shareholders: “Clearly there are high levels of uncertainty around consumer demand for the year ahead, the challenges of selling in home and the competitive environment.  The Company will seek to adjust to this operating context rapidly.

“It remains impossible to provide financial guidance for the year ending 31 December 2020 in the current environment pending further certainty of the impact of the COVID-19 pandemic on consumer confidence and any negative impact on established ways of working.

“Whilst the short-term outlook remains uncertain, the Board has considered various scenarios as part of plans to re-start operations safely in response to customer demand and continues to target progress made in the Group's Turnaround Plan.”

Last month, the company launched an £8.5million cash buffer raised by Placing Shares to carry it through the lockdown http://www.the-glazine.com/WeeklyFolders/glazine14april2020/safestyle_uk_has_raised.htm.

The chairman concluded: “Together with the initiatives undertaken to preserve cash, these actions have strengthened the Group's balance sheet and resulted in available liquidity in excess of £12m at the date of the AGM.”