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25 Jun 2019 07:00
25 June 2019
FireAngel Safety Technology Group plc
('FireAngel', the 'Group' or the 'Company')
AGM statement
FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, is holding its Annual General Meeting today at which John Conoley, Chairman, will make the following statement:
"I am encouraged by the growth in first half sales, with good progress being made in the sales of interconnected alarms, growing over 30% year-on-year and now accounting for 15% of total company sales. Particularly pleasing is the growth in UK Trade revenue which is expected to be more than 30% above the same period last year. Overall, the Board expects first half trading to be slightly ahead of budget.
The Group's balance sheet was strengthened by the fundraising undertaken at the end of March. I would like to take this opportunity to thank shareholders for their support.
The focus for the rest of the year is to maintain the sales momentum, continue operational improvements and margin enhancement. The Board will provide a further update on trading and prospects in a trading update to be issued at the end of July.
Finally, I wish to announce that after long service to the Company William Payne will step down as a non-executive director upon the announcement of a replacement non-executive director. William joined the Board in 2000 and, most recently, has chaired the Audit Committee and Remuneration Committee. The search for Mr Payne's successor has started. On behalf of the Board, I pass on our sincere thanks for his many contributions, particularly through recent challenges, and wish him well in the future."
For further information, please contact:
FireAngel Safety Technology Group plc | 024 7771 7700 |
John Conoley, Chairman | |
Neil Smith, Group Chief Executive | |
Mike Stilwell, Group Finance Director
Shore Capital Limited |
020 7601 6100 |
Tom Griffiths |
Notes to Editors
About FireAngel Safety Technology Group plc
FireAngel's mission is to protect, save and improve our customers' lives by making innovative, leading edge technology simple and accessible. FireAngel is one of the market leaders in the European home safety products market.
FireAngel's principal products are 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, AngelEye and FireAngel Connect.
For further product information, please visit: www.fireangeltech.com
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