FireAngel secures £1.5m government contract
FireAngel, the developer and supplier of home safety products, has revealed that it has been commissioned by a government agency to supply smoke and heat alarms for low income families in the Middle East.
The contract, which is valued at £1.5m, will be delivered over the next six months, commencing this month. It includes the supply of more than 60,000 connected smoke and heat alarms, which will be installed in more than 5,000 properties by the Coventry firm.
Zoe Fox, chief finance officer said: “We are delighted with this latest contract, which is further testament to the continuing demand for our Connected products, both in the UK and overseas.
“Our Connected technology is designed to provide the highest level of protection at all times and we are well positioned to meet the growing demand for fire safety technology.”
FireAngel experienced its strongest revenue performance since 2017 in 2022.
The firm reported a sales growth of 32% to £57.5m (2021: £43.5m) and its adjusted loss before tax was reduced by 50% to £2.1m (2021: £3m).
At the time, John Conoley, FireAngel’s Executive Chairman, said: “The expected FY22 result represents an outstanding performance set against the unprecedented macro circumstances. Whilst the reported result will not be what we had set out to achieve, the underlying numbers demonstrate the strong progress made in line with our ambitions outlined at the time of the Company’s fundraising in H1 2021.
“Societal and regulatory development continues to drive demand for our products. Our continuing focus on self-help pleasingly shows a resilience in overcoming a wide range of macro headwinds to leverage this demand”.
In April however, the firm said it expected its EBITDA for 2023 to be “materially below market expectations” following challenges with its supply chain.
FireAngel said only one of two significant contracts had been secured that were originally expected to contribute “strongly” to Q1 2023.
A three-year contract with British Gas had been announced at the end of March which will commence during Q2.
