30th Jun 2016 10:07
LONDON (Alliance News) - Home safety products maker Sprue Aegis PLC on Thursday said trading in 2016 has been slightly ahead of its expectations, and it anticipates its operating loss will be narrower than previously guided.
Sprue said sales in its UK retail and European business units have improved in 2016, following warnings made by the company that its European business would take a hit from challenging conditions in France and regulatory delays in Germany.
The better-than-expected first half of 2016 means the company now expects its operating loss for the year will be slightly narrower than the GBP1.9 million that it had guided.
Sprue also said it had reached an agreement with its third-party battery manufacturer in China on a warranty claim related to batteries which may cause a premature low-battery warning sound in some Sprue smoke alarms.
The unnamed manufacturer will provide replacement batteries to Sprue free-of-charge under the agreement, delivering a financial benefit to Sprue of around GBP100,000 in 2016.
Shares in Sprue were up 3.8% to 166.00 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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