Safestyle UK shares tumble following warning on debts
- Safestyle UK shares have plummeted by more than 90% since late March
- The firm’s pre-tax losses jumped to £6.7m for the six months ending 2 July
Safestyle UK shares have taken a nosedive, plummeting by over 90% since late March, following a warning from the company regarding its debts.
The firm reported pre-tax losses of £6.7 million for the six months ending 2 July, representing a significant jump from previous figures.
Safestyle UK states that it is currently compliant with the covenants of a £7.5 million borrowing facility, which it plans to use in the near future to support its working capital and liquidity needs.
However, the company has cautioned investors that if anticipated losses for the rest of the year actually occur, it could face a “material shortfall” and potentially lose access to the lending facility altogether.
Talks ongoing: Safestyle UK revealed it had been in ‘productive’ discussions with shareholders and other third parties about receiving investment to help bolster its recovery
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