(Reuters) - British windows and doors retailer Safestyle UK Plc (SFES.L) said on Monday its 2018 revenue and profit are expected to be significantly below market estimates and cancelled its final dividend, sending its shares sharply lower.
Trading since the start of this year has been tough, with a continuing deterioration in the market resulting from declining consumer confidence, the Bradford-based company said, as Britons’ spending power is being squeezed by accelerating inflation and faltering wage growth.
The company said its year-to-date order intake was weak and that it was cancelling the recommended final dividend of 7.5 pence per share to preserve cash.
Shares of the company was down about 26.3 percent at 59 pence in morning trading on the London Stock Exchange.
Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri