No need for alarm as Coventry firm plots sales fightback
Losses are set to widen at Coventry-based home safety products developer FireAngel for the six months to June 30, after the Covid-19 lockdown stifled sales.
The listed company says it expects to report first half sales of approximately £16.5m – down from £20.7m last year, and an underlying operating loss of around £2.7m – up from £1.7m in 2019.
A statement from the firm this morning (July 30) said: “In light of the impact of COVID-19, the Board believes it has taken appropriate actions to protect the Company, its employees and customers. Given the extraordinary global events faced during the period, the Board considers the expected result for H1 2020 to be satisfactory and is encouraged by the strong start to the year made by the company before domestic and international lockdown restrictions took hold.”
Despite this, FireAngel said sales are picking up. Turnover has been improving as a percentage of the Board’s pre-COVID-19 budget since May 2020 with performance in July 2020 expected to be in line with the revenue recorded in July 2019.
Meanwhile, FireAngel has announced the appointment of Glenn Collinson as a non-executive director of the company with effect from August 1.
John Conoley, executive chairman of FireAngel, said: “The actions we have taken over the last five months have protected the company and helped mitigate the impact of COVID-19 on the results for the period.
“We are encouraged by the sales performance in July 2020 and remain focussed on restoring the momentum we had at the beginning of 2020.
“Glenn joins the FireAngel Board at an incredibly exciting time and we look forward to benefiting from his years of experience in helping to exploit the company’s investment in R&D, the start line for which has recently been crossed.
“The FireAngel Board has been extensively reshaped over the last two years and now has the skills and experience to maximise the opportunities ahead.”