FireAngel SafetyTech - Trading Update

Fireangel Safety Technology

25/04/2023 07:00

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RNS Number : 2923X  FireAngel Safety Technology Group  25 April 2023

This announcement contains inside information

25 April 2023

 

FireAngel Safety Technology Group plc

('FireAngel', the 'Company' or the 'Group')

 

 Trading Update

 

Further to its announcement of 24 January 2023, FireAngel (AIM: FA.), a
leading developer and supplier of home safety products, provides the
following trading update.

 

Trading in the year to date is in line with the Board's expectations with two
particular exceptions which will not be recovered this year, although the
effect of those exceptions is partly mitigated by lower than expected costs.
The well publicised global supply chain issues of 2022 affected the Company by
causing lower production than planned, leading to restricted or intermittent
supply to its end customers. This especially affected products destined for
the UK Trade market and involved the Company's higher function higher margin
products. This has led to a loss of momentum which the Board is working hard
to restore, but it might take the rest of 2023 to achieve.

Two significant contracts, one in the Company's UK Utilities Division and one
in the International Division, were originally expected to contribute strongly
to Q1 2023. However, only one of them (a three year contract with British Gas
Services Limited which was announced on 31 March 2023) has been secured to
date, which will commence deliveries during Q2 2023, leading to slightly lower
revenues than forecast for the year ending 31 December 2023 ("FY2023"). The
Board now expects the Group's EBITDA for FY2023 to be materially below market
expectations. The other significant contract is expected to be signed shortly.

The previously mentioned loss of momentum in UK Trade, caused mainly by a
prolonged lack of shipments of stock due to macroeconomic conditions in 2022,
is expected to ease across FY2023. The Company's previously announced
self-help measures, including price increases, have filtered through into new
orders in Q1 2023 and will translate into revenues from Q2 2023 onwards. The
Board remains confident that the Group will deliver an improved performance in
FY2023.

The Company expects to announce its audited final results for the year ended
31 December 2022 by early May 2023.

ENDS

 

For further information, please contact:

 FireAngel Safety Technology Group plc         024 7771 7700
 John Conoley, Executive Chairman
 Zoe Fox, Chief Finance Officer

 Shore Capital (Nominated adviser and broker)
 Tom Griffiths/David Coaten/Tom Knibbs         020 7408 4050

 Houston (Financial PR)
 Kate Hoare/Ben Robinson/Kelsey Traynor        0204 529 0549

 Notes to Editors

About FireAngel Safety Technology Group plc

FireAngel's mission is to protect and save lives by making innovative home
safety products which are simple and accessible. FireAngel is one of the
market leaders in the European home safety products market.

FireAngel's principal products are connected 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, FireAngel Specification and AngelEye.

For further product information, please visit:  www.fireangeltech.com
(https://url.avanan.click/v2/___http:/www.fireangeltech.com/___.YXAxZTpzaG9yZWNhcDphOm86ZmE1YmYxYzdmZWYxNjJkOTA1ZjdmOGQzNjQ5OWFkOGQ6Njo4NzVkOjIwNTJmNTcyMDNhMDYxMzA5NTEwZjg5OTBkZjM5ODQ5N2NiNjg4ZGNkYzI0NGUzZWNjYTYzNzJkMTAxZWM5MGM6cDpU)

 

 

 

 

 

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