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LONDON (Alliance News) - Shares in FireAngel Safety Technology Group PLC plunged on Thursday as the firm said it expects annual results to be below market views.
Shares in the company, which develops fire alarms and other home safety products, were trading down 21% at 31.00 pence each Thursday morning.
For 2018, FireAngel expects to swing to a GBP2.0 million adjusted operating loss from a GBP4.7 million profit a year ago. Sales are expected to be GBP37.6 million, down from GBP54.3 million.
The GBP2.0 million loss is before exceptional charges of GBP3.6 million due to stock disposal costs, production ramp up, and restructuring of distribution costs.
"The board remains confident its expectations for revenue growth are achievable. Gross margins and profitability are forecast to grow, but the impact of higher current product costs has led to a reduction in the overall level of profitability expected in 2019," FireAngel said.
It added: "Both the company and its primary manufacturing partner are focused on reducing production costs."
