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05 Feb, 2024 10:14 05 Feb, 2024 10:14

Fireangel Safety sees 'significant reduction' in FY sales volume

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FireAngelSharecast graphic / Josh White

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


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.