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FireAngel first-half revenue slumps, though retail sales improve in June

By BFN News | 02:04 PM | Tuesday 30 June, 2020


Home safety product provider FireAngel Safety Technology said its first-half revenue was expected be over 70% of its pre-Covid-19 budgeted levels. 'Whilst the impact of Covid-19 over the period as a whole has been material, June has seen demand returning which led to the company's sales team returning from furlough in the second week of the month,' it said in an AGM update. Retail sales in June were expected to be ahead of last year and pricing enquiries in higher-margin sectors had increased markedly, with real demand now expected to return across July and August, the company added. 'The recovery of sales in higher-margin sectors will restore the momentum of the board's self-help gross margin improvement plan which, given its link to sales levels, has been similarly held back by lockdown restrictions,' FireAngle said. 'This plan, allied to an expected improvement in margin mix, still remains central to the company's improved performance towards the end of 2020 and markedly so beyond.' FireAngel confirmed that it had secured a loan of £3.2m through the Coronavirus Large Business Interruption Loan Scheme, as announced on 22 June. At 2:04pm: (LON:FA.) Fireangel Safety Technology Group Plc Ord 2p share price was +1p at 14.75p Story provided by StockMarketWire.com

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