(Alliance News) - Safestyle UK PLC on Thursday said revenue was up on pricing increases, as it swung to a pretax loss due to cyberattack costs.

Safestyle shares fell 16% to 24.32 pence each in London on Thursday morning.

The Bradford, UK-based retailer and manufacturer of PVCu replacement windows reported 2022 revenue of GBP154.3 million, up 7.7% from USD143.3 million the year prior. The increase was driven by pricing responses to inflationary pressures, the company said.

Pretax loss was GBP8.5 million, swinging from a loss of GBP6.0 million in 2021. The company noted that the loss was a result of a GBP4 million impact on profit due to a cyberattack in January last year, as well as a GBP5 million investment programme.

The company noted that it swung to a basic loss per share of 4.5 pence, from earnings per share of 3.5p the year prior.

Safestyle declared a final dividend of 0.1p per share, up from no dividend in 2021, bringing the total dividend to 0.5p per share, compared with no dividend.

Looking ahead, the company said it expects 2023 revenue to be below expectations due to challenging market conditions, with order intake in February and March having been slower than anticipated.

Chief Executive Officer Rob Neale said: "2022 was a challenging year for our business. We were forced to deal with a number of unforeseeable issues which impacted our financial results and slowed the momentum we had built up through 2021. The most pleasing aspect of 2022 was the resilience our business showed to meet these challenges head on and simultaneously embark upon a significant strategic investment agenda which will set the foundations in place for our business to grow over the medium term

"During the first quarter of this financial year, we have seen variable trading patterns which reflect the difficult consumer environment across the wider economy. Whilst mindful of these conditions, the board remains focused on increasing our market share by continuing to invest behind our strategic agenda."

By Harvey Dorset, Alliance News reporter

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