25th Jun 2019 14:22
(Alliance News) - FireAngel Safety Technology Group PLC on Tuesday said first half trading is likely to be "slightly ahead of budget" and is forecasting a sharp rise in UK Trade division revenue and in interconnected alarms sales.
Speaking at the home safety products supplier's annual general meeting, Chair John Conoley said he was "encouraged" by first half sales growth, including a 30% year-on-year improvement in interconnected alarms sales. Interconnected alarms now make up 15% of total company sales.
Conoley also was encouraged by growth in UK Trade revenue, which is expected to be 30% higher than the same period of 2018.
"Overall, the board expects first half trading to be slightly ahead of budget," said the Chair.
"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," he added.
In addition, non-executive director William Payne is to leave the board as soon as a replacement is named. Payne joined FireAngel's board in 2000 and a search for his successor has begun.
Shares in FireAngel were up 0.3% at 38.10 pence on Tuesday afternoon.