Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Fireangel Safety sees 'significant reduction' in FY sales volume

(Sharecast News) - Home safety products manufacturer Fireangel Safety Technology warned on Monday that sales were expected to be significantly lower year-on-year as measures taken by the group to manage trading challenges and fight inflationary pressures came at the expense of "a significant reduction in sales volume". Fireangel now expects to report full-year sales of approximately £41.0m, down 28.8% year-on-year, and said whilst recent restructuring efforts in its sales team will ensure that it is "well positioned to build momentum in 2024", the changes also had some impact in the short-term, particularly in UK Trade performance.

International sales also remained "comparatively depressed" in H2 as new legislation in Benelux in 2022, which led to a surge in customer demand in the region for products, was not carried into 2023 as customers looked to reduce inventory intake.

Fireangel added that taking into account net proceeds of £5.3m received from its fundraising in June 2023, as at 31 December, the group had £3.1m of net debt excluding IFRS16 lease liabilities, which comprised cash balances of £1.7m, invoice discounting facility of £2.6m and a CBILs loan of £2.2m.

As of 1010 GMT, Fireangel shares were down 1.55% at 5.66p.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

Easyjet suspends flights to Israel until October
(Sharecast News) - Budget carrier easyJet on Tuesday said it had suspended flights to Tel Aviv until October 27 after Iran's missile and drone attack against Israel on Saturday night.
Berenberg stays at 'buy' on Yellow Cake on tight supplies and supply risk
(Sharecast News) - Analysts at Berenberg stood by their 'buy' recommendation for shares of Yellow Cake, the uranium oxide concentrate holding company, following a fireside chat with its boss, Andre Liebenberg.
Bank of America upbeat despite profits slide
(Sharecast News) - Bank of America said it had seen a "strong" first quarter on Tuesday, despite posting a sharp fall in profits.
Berenberg lowers target price on Kainos
(Sharecast News) - Analysts at Berenberg lowered their target price on software company Kainos from 1,315.0p to 1,260.0p on Tuesday following the group's full-year trading update on 15 April.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.