14th Jul 2014 09:38
LONDON (Alliance News) - Sprue Aegis PLC said Monday it is optimistic it can meet market expectations for 2014, despite the declining value of the euro, as it readies the launch a new range of products in the second half year.
The home safety products company floated on AIM in April, raising GBP8.0 million.
In the first half to end-June, Sprue Aegis said it saw sales of GBP23.8 million, which it said were up 11% from the previous year. Operating profit before exceptional costs is expected to be reported "significantly higher" than the previous year.
Sprue Aegis said it saw strong demand for its FireAngel smoke detectors, with sales ahead of management expectations, particularly in Germany. UK retail sales were hit by customer de-stocking, and fewer carbon monoxide awareness campaigns. Utility and leisure sales also were slightly behind management expectations.
The strengthening of sterling against the dollar has reduced the cost of dollar sourced products, which has more than offset the adverse effect of the weakening euro on revenue.
The miniature version of its existing carbon monoxide sensor Nano-905 has passed all final certification testing, and can now be installed in its carbon monoxide detectors to be sold during the second half of 2014.
Additionally, its "connected home" trial is progressing well, although revenue from the trial will be negligible in 2014, it said.
Sprue Aegis will announce its interim results in late September.
Shares were trading down 0.6% at 255.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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