25th Sep 2018 11:55
LONDON (Alliance News) - FireAngel Safety Technology Group PLC on Tuesday skipped an interim payout as it swung to loss in the first half of 2018.
Shares in FireAngel Safety Tech were trading 8.8% lower on Tuesday at 67.50 pence each, in response.
The home safety products supplier - which changed its name from Sprue Aegis back in June - said it swung to pretax loss of GBP2.0 million in the first six months of 2018 from the GBP1.3 million profit a year before, as revenue fell 32% to GBP17.7 million from GBP26.0 million.
The reduction in revenue was in line with management expectations, FireAngel said, driven predominantly by lower sales of smoke alarms in Germany and an anticipated slowdown in UK sales.
In view of the ongoing transition of the business, FireAngel Safety Tech said it will not pay an interim dividend. In the prior year it paid 2.5p per share interim.
"We started our transformation to an independent, technology-led business two and a half years ago and, through the talents and determination of the team, I am delighted with the progress made as we continue on track to deliver our strategic milestones," said Executive Chairman Graham Whitworth.
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