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FireAngel Safety Technology warns of unexpected annual loss

Monday, 6th August 2018
Home safety product supplier FireAngel Safety Technology Group warned it expected to miss market expectations by reporting a full-year loss, after sliding revenue sent it into the red during the first half.

Sales for the six months through June were expected to fall 32% to £17.7m, while operating losses would amount to £1.8m, swinging from a £1.5m profit on-year.

The first-half result was in line with expectations, though pressure was expected to continue into the full-year, the company said.

'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 £0.5m,' FireAngel said.

'This is driven by a combination of certain short-term transitional issues within the supply chain recently identified, the continued weakness of the British pound against the US dollar and difficult UK high street trading,' it explained.

'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.'

At 3:13pm: (LON:FA.) Fireangel Safety Technology Group Plc Ord 2p share price was -15.5p at 46.5p

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