Good morning!

Today we have:

  • Fireangel Safety Technology (LON:FA.) - profit warning from this accident-prone company (formerly known as Sprue Aegis).
  • Lok'n Store (LON:LOK) - trading update, seems in line with expectations.
  • Symphony Environmental Technologies (LON:SYM) - trading & operations update. In line with expectations. Upbeat.
  • SDL (LON:SDL) - half-year report. "Good start to the year", full-year outlook in line with expectations.
  • Ascent Resources (LON:AST) - CEO moves to part-time basis and other UK staff will move to ad hoc basis. Could run out of money before the end of the year, though a positive outcome from the strategic review is still expected.
  • Omega Diagnostics (LON:ODX) - final results. The first time I've seen a "bread tomorrow" statement. "I do believe that after many years of famine shareholders will see some bread in their basket by this time next year."

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Fireangel Safety Technology (LON:FA.)

  • Share price: 44p (-29%)
  • No. of shares: 46 million
  • Market cap: £20 million

Trading Statement

It has been a stunning fall from grace by this fire safety company.

It has changed name (from Sprue Aegis) and then produced a profit warning less than six weeks later.

If it was trying to appeal to shareholders, it might have changed its name only after all the bad news and accidents were already priced in.

From a customer/marketing perspective, the name change does make good sense as it unifies the company's products under a single brand.

The H1 operating loss of £1.8 million is in line with expectations, but the full-year loss is now expected to be up to £0.5 million, below expectations.

To spin it positively, I suppose this does at least mean that we are forecast to have an operating profit in H2.

The cause of the profit warning:

...a combination of certain short term transitional issues…

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