LONDON (Alliance News) - FireAngel Safety Technology Group PLC on Thursday said it anticipates its annual results will take a hit from product delays and increased costs.
FireAngel shares were trading 24% lower on Thursday at 34.00 pence each.
The company said it has been transitioning from a hardware safety products provider to a more integrated safety solutions provider over the past 18 months.
FireAngel has been working with its manufacturing partner to fully optimise production levels, it said, which is now delivering increased monthly product output. However, the extended time to optimise production has impacted delivery of certain high-margin products and added short-term costs.
Thus, the company said it now expects its 2018 results to be materially below market forecasts.
Looking forward, FireAngel said it anticipates legislation-driven opportunities to make a positive impact on its sales next year.
Scottish legislation, which is expected to come into effect during the first half of 2019, requires the retro installation of connected smoke and heat alarms and a CO2 detector into all domestic properties.