FireAngel sees profits rise, but raises alarm on rest of financial year

Coventry-based FireAngel, the developer and supplier of home safety products, has seen revenue and profits rise for the six months to the end of June.

Turnover at the firm is up by 35% to £22.2m, while gross profits have risen almost 43% to £5.2m.

The company says it is on track to meet market expectations for the year, adding that it remains cautious on H2 outlook given the current global supply chain challenges being felt across the industry.

John Conoley, executive chairman of FireAngel, said: “Overall, we have delivered a positive performance in line with the board’s expectations for the half year against a challenging backdrop. Those events that are within our control have gone well and we have continued to make progress against our strategic priorities, including our gross margin improvement plan. We are seeing growing interest in our connected technology offering as we push forward with focusing on better quality sales of our connected propositions. The funds raised in April are being deployed as planned, although we have not been able to build our inventory to the level we had hoped due to the ongoing supply chain issues.

“The second half of the year presents challenges for the group. Lockdown restrictions have eased in our sales markets, but increasing challenges have come from factory restrictions, port closures, driver shortages, sea freight delays, lost efficiency opportunities, missed collaboration opportunities with partners, component shortages, and ensuing complexity. There appears to be little easing up in the issues facing the global supply chain and the journey out of COVID-19 restrictions may not play out as expected. We remain on track to meet market expectations for the year, but remain cautious due to the dynamic nature of the pandemic related challenges.”

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