FireAngel Safety Technology Group Trading Statement (8411W)
August 06 2018 - 2:00AM
UK Regulatory
TIDMFA.
RNS Number : 8411W
FireAngel Safety Technology Group
06 August 2018
6 August 2018
FireAngel Safety Technology Group plc
("FireAngel" or "the Company")
Trading Update
FireAngel (AIM: FA.), one of Europe's leading developers and
suppliers of home safety products, today issues the following
trading update for the six months ended 30 June 2018 ("H1
2018").
The Company expects to report H1 2018 sales of approximately
GBP17.7m (H1 2017: GBP26.0m) and an operating loss of approximately
GBP1.8m (H1 2017: GBP1.5m profit), in line with management's
expectations. However, the Board now expects that results for the
year ended 31 December 2018 will be below market expectations,
delivering a potential loss of up to GBP0.5m. This is driven by a
combination of certain short term transitional issues within the
supply chain recently identified, the continued weakness of GBP
Sterling against the USD dollar and difficult UK high street
trading.
The management remains highly focused, and is confident of
resolving the supply chain challenges, accelerating the ramp to
scale, and new product introductions to support both current and
emerging pipeline opportunities.
The Board also remains confident that the Group's ongoing
transition from a hardware safety products provider to a more
integrated safety solutions provider will continue to underpin the
medium to longer term expectations, supported by emerging
legislative driven opportunities, the continued strengthening of
the connected home proposition and a strong new contracts
pipeline.
At 30 June 2018, the Group had GBP3.4m of cash and GBPnil debt
(H1 2017: GBP10.0m cash and GBPnil debt). In addition, the Company
has in place a three year revolving credit facility with HSBC Bank
plc for GBP7.0m to fund its working capital if required.
The Group's inventory position had reduced to approximately
GBP11.0m at 30 June 2018 (30 June 2017: GBP13.2m).
The Company expects to report its unaudited results for the six
months ended 30 June 2018 on 25 September 2018 and will provide a
more detailed update on trading and outlook for the remainder of
this financial year.
For further information, please contact:
FireAngel Safety Technology Group plc 02477 717700
Graham Whitworth, Executive Chairman
Neil Smith, Group Chief Executive
Stockdale Securities Limited 020 7601 6100
Tom Griffiths
Vigo Communications
Jeremy Garcia / Fiona Henson 020 7390 0238
Notes to Editors
About FireAngel Safety Technology Group plc ("FireAngel")
FireAngel's mission is to protect, save and improve our
customers' lives by making innovative, leading edge technology
simple and accessible. FireAngel is one of the market leaders in
the European home safety products market and launched its own
connected homes product proposition at the end of 2016.
FireAngel's principal products are smoke alarms, CO alarms and
accessories. The Company has an extensive portfolio of patented
intellectual property in Europe, the US and other selected
territories. Products are sold under FireAngel's leading brands of
FireAngel, FireAngel Pro, AngelEye and FireAngel Connect.
For further product information, please visit:
www.fireangeltech.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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