Safestyle UK are due to announce their next set of trading results on Thursday. This will be the next indication as to the health of the company. As we know, they had a rare win the other week when they managed to reach a settlement with SafeGlaze UK. If you missed that news, click here to catch up.
In the run up to Thursday’s results, Safestyle have announced a new appointment to it’s board of Directors.
Here’s the statement they released:
Safestyle UK plc, the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market, is pleased to announce the appointment of Fiona Goldsmith as Non-executive Director, effective immediately.
Fiona was most recently a Non-executive Director, and Chair of the Audit Committee, at Walker Greenbank PLC from December 2008 to June 2018. Fiona is a Chartered Accountant who started her career with KPMG, where for nine years she focused on the retail and leisure sectors in various roles. She then moved to First Choice Holidays plc, where she became European Finance Director. From 2004 until 2008 she was Finance Director of Land Securities Trillium, a division of Land Securities Group plc.
Fiona will Chair the Audit Committee at Safestyle.
Alan Lovell, Chairman of Safestyle UK PLC, said:
“The Board is delighted to welcome Fiona as a Non-executive Director. Her breadth of experience across a wide range of sectors, combined with her finance expertise, will be invaluable as we continue to work through the current challenges to return the Group to profitability and deliver value to our shareholders.”
A fairly heavy hitter for this industry. She will need to bring that experience by the barrow as the task to restore the company back to health remains a big one. Loss of market share, a soon-to-be-rebranded SafeGlaze, thinner profit margins, rising costs, an archaic business model and a much-changed demographic are all major issues facing the company.
As the new was announced, the share price fell south. By no means was it the huge double-digit falls we’ve been used to, but the markets didn’t seem to be overwhelmed with the news:
I’m not sure whether investors see this appointment as a sign of negativity. But the key date this week remains the 20th of this week where in a previous statement they said they would announce their interim results. Whether this means the results from the litigation or the next quarter, or both, remains to be seen. They are due for a trading update, the last one was published on July 11th.
Either way, the path remains a rocky one.
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