Safety products supplier sounds alarm over profits

Home safety products supplier FireAngel has been forced to sound a warning of its own after it revealed that its 2018 results will be “materially below market expectations”.

The stock market-listed company, which used to be called Sprue Aegis, has been trying to shift to become an “independent technology-led business”.

However progress has been slower than it had hoped, with the time taken to optimise its products affecting the delivery of some of its high-margin products.

It also said that it is only in recent weeks that sales of its core product range have “recovered to acceptable levels”. The company now expects that momentum to increase in 2019, but too late to benefit its current financial year.

FireAngel’s management expects it can succeed in its longer-term strategic repositioning, while its pipeline of opportunities for next year provides confidence its performance can return to the levels previously expected.