No need for alarm as FireAngel cuts losses

FireAngel, the Coventry developer and supplier of home safety products, has cut its losses after making “excellent progress” during 2021.

The firm posted losses of £3.7m against a deficit of £9.3m in 2020, while revenue rose from £39.9m two years ago to £43.5m last year.

John Conoley, executive chairman of FireAngel, said: “We have made excellent progress in 2021 against our primary goal, to drive margin expansion and, in doing so, return to profitability, with the aim of becoming cash generative at the end of 2022. Despite seeing further impact from the pandemic and its strong knock-on effects to global supply chains, I am pleased with how the Group has performed.”

“Our team has done an excellent job of navigating a difficult year. Our steadfast focus on our strategic initiatives, the significant deals signed and our successful fundraising of £9.8m, (before expenses), in April have provided us with a strong platform for further improvement. Meanwhile, the investments we have made to improve efficiencies and counter supply chain issues going forward leave us well positioned for growth, and importantly for further margin expansion in the immediate, medium and long term.”

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