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FireAngel holds back dividend after profits slump

Tuesday, 25th September 2018
FireAngel, a supplier of home safety and connected home products, held off declaring a dividend after reporting Tuesday a slump in first-half profits driven by lower sales of smoke alarms in German trade and an anticipated slowdown in UK sales.

For the six months ended 30 June 2018, profit before tax rose 19.2% to £5.26m and revenue fell 32% to £17.7m, which the company said was in-line with expectations.

The weak performance was exacerbated by tick down in gross margin to 25.2% for from 31.7% a year earlier.

This was blamed on the marking down of BRK and First Alert products at the end of the first quarter, an adverse sales mix and a weaker pound.

The company said it expected to deliver a potential loss of up to £0.5m for the year ending 31 December.

At 9:48am: (LON:FA.) Fireangel Safety Technology Group Plc Ord 2p share price was -4p at 70p

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