Chief executive of home safety products supplier steps down as turnaround continues apace
The chief executive of listed home safety products supplier FireAngel has stepped down from his position, with its chairman taking an executive role.
The Coventry-based company has also revealed positive half-year results after enduring a challenging 2018.
FireAngel said that Neil Smith will be leaving the company tomorrow and John Conoley, the company’s chairman, will be appointed as executive chairman.
Conoley said: “On behalf of the board, I wish to thank Neil for his hard work and commitment through a period of significant change and wish him all the best in his future endeavours.”
The company, which recorded substantial losses in 2018, now says it expects to report a £3m increase in sales in the first six months of the year as its recovery continues to take shape.
“Sales of interconnected alarms grew over 30% year-on-year and accounted for 15% of total sales,” the company said.
“The growth in UK trade revenue, which is expected to be more than 30% above the same period last year, together with continued recovery in the group’s German market, are particularly pleasing and indicate that the company’s market strategies and new product propositions are gaining traction.”
It said with sales momentum continuing into the second half of 2019, and gross margins expected to improve based on the mix of revenue, the board expects results for the full year will be in line with market expectations.
