Smokin’ hot performance sees Sprue Aegis announce record interims
COVENTRY-based smoke alarm supplier Sprue Aegis has announced record half year revenue and profits following a strong performance in UK and overseas markets.
The company, which designs innovative and market leading smoke and carbon monoxide alarms, together with other safety-related products, said H1 turnover rose 28% to £21.4m (H1 2012: £16.7m), while operating profit was up 50% to £2.7m (H1 2012: £1.4m).
Basic earnings per share rose 40% to 4.46p and the company said it remained on track to announce record full year results in line with board expectations.
The period was also notable for the aborted attempt by BRK Brand Europe, one of Sprue’s major shareholders, to take over the business. BRK secured acceptances of only 1.26% and withdrew its offer on May 24.
Graham Whitworth, Chairman & Group CEO of Sprue, said: “Despite the distractions of the BRK bid, we are delighted to report record sales and operating profit in what was another extremely busy first half for the group.
“The benefits of the multi-year contracts secured in 2012 are coming through in incremental sales and profit and the group’s full year results are expected to be in line with the board’s expectations.”
On the operational side, the group said highlights for the period had included in the UK, the successful long-term stability testing of the Nano-905, the miniaturised version of the group’s carbon monoxide (CO) sensor. This is expected to be included in finished CO alarms from Q2 2014.
In North America, the group gained secured UL component recognition on the Gen 1 CO, Sprue’s existing CO sensor, for use in 10-year sealed for life products. It said this represented a potential entry point into the North American market.
Elsewhere, CO sensor volumes at Pace Sensors in Canada have more than doubled compared to last year, while the group has also secured inclusion on the frameworks replacing the Firebuy supply agreement with UK Fire & Rescue Services.
Despite the difficult climate in the retail sector, the group said UK Retail and Continental Europe were both performing significantly ahead of budget.
Sprue Aegis sells products under its brands of FireAngel, AngelEye and Pace Sensors, and the BRK brands of First Alert, BRK and Dicon.
