Sprue’s AIM is true as sales hit a new peak
COVENTRY-based smoke alarm supplier Sprue Aegis has recorded a record period of trading.
In an update for the six months ended June 30 issued to the stock market this morning, the firm – one of Europe’s leading home safety products suppliers – said H1 2014 saw record sales of £23.8m, up 11% on the same period last year,
The firm moved to AIM at the end of April and at the same time raised £8m by way of a placing of new shares with institutional investors.
Sprue Aegis says it has continued to benefit from strong operational leverage and operating profit pre-exceptional costs is expected to be significantly higher than H1 2013.
Overall, sales in H1 2014 are broadly in line with management expectations although continental Europe, and in particular Germany, has seen strong demand for Sprue’s FireAngel smoke detectors with sales significantly ahead of management expectations.
H1 2014 UK retail sales were adversely affected by customer destocking and the impact of reduced levels of CO awareness campaigns run during the period. Utility & leisure sales were also slightly behind management expectations.
The firm has announced that Nano-905, the miniaturised version of the group’s existing carbon monoxide sensor which is manufactured at its subsidiary Pace Sensors in Canada, has passed all final certification testing and can now be installed in Sprue’s carbon monoxide detectors due to be sold during H2 2014.
