Losses narrow at Coventry home safety products developer

Turnover at Coventry-based developer and suppliers of home safety products FireAngel is expected to be “materially ahead” of expectations for the sixth months to June 30, according to a statement released by the firm this morning (July 20).

Revenues during FireAngel should come in at £22.3m against £16.5m last year, while losses are set to narrow down from £2.7m last year to £1.3m this time around.

John Conoley, executive chairman of FireAngel, said: “The board is pleased that the Company has remained on track and made good progress against our strategy, despite being partially restrained by recent supply chain issues and some continuing COVID-19 restrictions. We are working on a range of mitigations to protect ourselves as much as possible against similar potential supply chain challenges going forward.

“The board is satisfied that the execution of the many elements within the Company’s own control have gone to plan and are beginning to benefit FireAngel’s financial performance. It is promising to see that market demand, especially for our connected products, remains strong and is growing.”