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31 Jul 2017 07:00
31 July 2017
Sprue Aegis plc
("Sprue", the "Group" or the "Company")
Trading update
Sprue (AIM: SPRP), one of Europe's leading developers and suppliers of home safety products, today issues the following trading update for the six months ended 30 June 2017 ("H1 2017").
As announced on 15 June 2017, Sprue has made a positive start to the year and for H1 2017 expects to report sales of approximately £26.0m (H1 2016: £25.9m) and operating profit* of approximately £1.5m (H1 2016: operating loss of £0.9m before share based payments charge). The strong return to profitability has been achieved through a significant improvement in gross margin and a net reduction in overheads.
The Group remains well positioned to deliver full year adjusted operating profit in line with market expectations.
The new manufacturing and distribution arrangements announced on 31 March 2017 continue to progress well. The Board believes that these transformational initiatives will further strengthen the Group's offering in its key markets across Europe and greatly enhance the Group's ability to accelerate growth and maximise shareholder value in the medium to longer term.
A further update on trading will be provided at the time of the release of the Company's H1 2017 results, which are expected to be announced on 25 September 2017.
*Operating profit in H1 2017 is stated before share based payments charge of £0.2m (H1 2016: £0.3m)
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 Company 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
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