13th Jul 2015 06:44
LONDON (Alliance News) - Home safety products company Sprue Aegis PLC on Monday said it expects its sales in the first half to more than double year-on-year following a stronger-than-anticipated performance in the French market, which also helped push its operating profit up three times over.
The company said it expects its sales in the first half to the end of June to be GBP56.5 million, up from GBP23.8 million a year earlier, with operating profit to hit GBP9 million, more than triple the GBP2.7 million posted a year before.
The growth in revenue was driven by trade and retail sales in France, which came in ahead of its expectations, driven by legislation in the country requiring landlords to install at least one smoke alarm in rental properties by the end of this year. Sprue Aegis does expect orders in France to slow in the second half, but said it still have good visibility going into the final six months of 2015.
Sprue Aegis's results in the half were hit by the weak euro, however, with its operating profit at constant currencies at GBP15.1 million.
By Sam Unsted; [email protected]; @SamUAtAlliance
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