FireAngel Safety Technology Group Trading Update (1078H)
30 Julio 2019 - 1:00AM
UK Regulatory
TIDMFA.
RNS Number : 1078H
FireAngel Safety Technology Group
30 July 2019
30 July 2019
FireAngel Safety Technology Group plc
('FireAngel', the 'Group' or the 'Company')
Trading Update
FireAngel (AIM: FA.), one of Europe's leading developers and
suppliers of home safety products, issues the following trading
update for the six months ended 30 June 2019 ('H1 2019' or the
'period').
The Company expects to report H1 2019 sales of approximately
GBP20.7m (H1 2018: GBP17.7m) with results in the period ahead of
budget.
Within the overall revenue growth of 17% in H1 2019, as detailed
in the Company's AGM statement released on 25 June 2019, sales of
interconnected alarms grew over 30% year-on-year and accounted for
15% of total sales.
The growth in UK Trade revenue, which is expected to be more
than 30% above the same period last year, together with continued
recovery in the Group's German market, are particularly pleasing
and indicate that the Company's market strategies and new product
propositions are gaining traction.
These signs of sales recovery augur well for medium to
longer-term growth and mark important first steps in the Group's
transition from a pure standalone hardware safety products supplier
to a provider of connected safety solutions.
At 30 June 2019, both cash and inventory balances reflected the
improved processes and controls within the business. The Group had
GBP1.5m of cash and GBP3.3m of debt through its invoice discounting
facility (2018: GBP3.4m of cash and GBPnil debt) following the
Company's successful fundraising announced on 29 March 2019 and the
consequential repayment of its GBP7m revolving credit facility with
HSBC.
The Group's inventory position reduced by approximately 22% to
GBP8.5m at 30 June 2019 (2018: GBP11.0m) through the implementation
of new supply chain processes, more rigorous sales management and
enhanced management reporting.
During the period, production at the Group's primary smoke alarm
and connected devices manufacturing partner increased to meet the
growth in demand. The Company continues to work with its
manufacturing partners to improve efficiencies where possible in
the production process.
With sales momentum continuing into the second half of 2019, and
gross margins expected to improve based on the mix of revenue, the
Board expects results for the full year will be in line with market
expectations. With approximately 55% of the expected full year
revenue to be generated in the second half, full-year performance
is dependent on securing several exciting pipeline opportunities
which are well-advanced in negotiations and trials. The Company is
focused on continuing to drive operational improvements through the
ongoing review of business operations and margin enhancement.
The Company's technology-driven product portfolio is providing
the opportunity to increase penetration within existing markets and
is opening up newly addressable market segments.
The Board will provide a further update on trading and prospects
in its Half Year Report expected to be released on 24 September
2019.
For further information, please contact:
FireAngel Safety Technology Group plc 024 7771 7700
John Conoley, Chairman
Mike Stilwell, Group Finance Director
Shore Capital (Nominated adviser and broker) 020 7408 4050
Tom Griffiths
Notes to Editors
About FireAngel Safety Technology Group plc
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.
FireAngel's principal products are smoke alarms, CO alarms, heat
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
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END
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