Last checked at 15 Jun 2017 07:00
15 June 2017
Sprue Aegis plc
("Sprue", the "Company" or the "Group")
AGM Statement
Sprue (AIM: SPRP), one of Europe's leading developers and suppliers of home safety products, is holding its Annual General Meeting today at which Graham Whitworth, Executive Chairman, will make the following statement:
"Sprue has made a positive start to the year with an expected strong return to profitability in H1 2017 building on the steady progress delivered by the Company in the second half of 2016. The combination of a significant improvement in gross margin and a net reduction in overheads is expected to contribute to a much improved financial performance by the Group in H1 2017 compared to H1 2016.
Despite the recent modest currency fluctuations (Sterling v US Dollar and Sterling v Euro), the Group remains well positioned to deliver full year adjusted operating profit in line with market expectations.
The new manufacturing and distribution arrangements announced by the Company on 31 March 2017 are progressing well. These transformational initiatives will further strengthen our offering in the key markets we serve across Europe and greatly enhance our ability to accelerate growth and maximise shareholder value in the medium to longer term."
For further information, please contact:
Sprue Aegis plc | 02477 717 700 |
Graham Whitworth, Executive Chairman Neil Smith, Group Chief Executive John Gahan, Group Finance Director | |
Vigo Communications Jeremy Garcia / Fiona Henson / Natalie Jones | 020 7830 9700 |
Stockdale Securities | 0207 601 6100 |
Tom Griffiths |
Notes to Editors
About Sprue Aegis plc
Sprue's mission is to protect, save and improve our customers' lives by making innovative, leading edge technology simple and accessible. Sprue is one of the market leaders in the European home safety products market and launched its own connected homes product proposition at the end of 2016.
Sprue's principal products are smoke alarms, CO alarms and accessories. The Group has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories. Products are sold under Sprue's leading brands of FireAngel, FireAngel Pro, FireAngel Spec, AngelEye and FireAngel Connect.
For further product information, please visit: www.sprue.com