TIDMFA.
RNS Number : 3600E
FireAngel Safety Technology Group
05 November 2020
5 November 2020
FireAngel Safety Technology Group plc
('FireAngel', the 'Group' or the 'Company')
Update
FireAngel (AIM: FA.), one of Europe's leading developers and
suppliers of home safety products, provides the following
update.
Trading
Since 29 September 2020, when the Company released its unaudited
interim results for the six months ended 30 June 2020, trading
conditions in the Company's markets have generally continued to
improve. October saw the highest revenue of any month so far this
year by some margin, being 96 per cent. of the level generated in
October 2019. FireAngel's Trade sector continues to recover, with
revenue in October 2020 being the highest in any month for almost
three years.
Legislation in Scotland has been a key driver of demand for
FireAngel's Trade sector in 2019 and the year to date. Whilst
COVID-19 has dampened some of that demand, the Scottish Government
has recently proposed a twelve-month extension for compliance to
February 2022. If, as expected, this extension is approved, demand
will be spread over that period rather than the opportunity to
supply being lost and allowing for additional installation
opportunities to be found.
As in many industries, online performance has seen a notable
step change and significant revenue growth has continued in online
retail in the year to date compared with 2019. FireAngel was the
best-selling brand in Amazon UK's 'Smart Homes' category on Prime
Day in October 2020, with revenue from sales to Amazon in the ten
months to and including October 2020 being up by 20 per cent.
compared with the same period last year, with growing momentum.
As previously announced, on 30 June 2020, being the Company's
half year end, stock stood at GBP9.4 million, which was higher than
required due to procurement decisions taken before the imposition
of lockdown restrictions. Stock at 31 October 2020 stood at
approximately GBP8.0 million, validating the Board's expectations
that stock levels would begin to fall as sales improved again.
However, the imposition this week of renewed COVID-19 restrictions,
which may lead to further uncertainty, may risk stock levels
increasing by the end of the year.
Uncertainty caused by UK Government policy and that of certain
other countries continues to impact the Company's ability to
accurately forecast future sales and, therefore, the Board does not
provide guidance for the Company's 2020 full year performance. The
Board expects to provide an update in mid-January 2021 on the
Company's 2020 full year performance.
Connected Homes
In June 2020, the Company announced that it had received a
material initial purchase order for its first large-scale connected
homes technology rollout for a large London Borough Council. At the
end of October 2020, some 3,500 devices were called off by the
customer to cover 500 flats, the majority of which will be used in
installations in four tower blocks expected to take place this
month. Whilst there remains some COVID-19 related uncertainty in
relation to accessing each flat, the provision of fire safety
services remains a permitted activity under current UK Government
guidelines, mitigating the impact of lockdown restrictions.
The first ten tower blocks for installation of the Company's
connected devices, including the four referred to above, have now
been selected by this customer and, with detailed planning work
having already been completed for several, these installations are
expected to be largely complete by the end of 2020. The number of
flats in each tower block ranges from 65 to 100, with each flat
typically requiring five alarms.
As previously announced, a customer paid-for trial covering two
blocks of flats for a social housing landlord is expected to
commence later this month, with up to 1,000 devices expected to be
connected in that period as part of this trial.
Senior Management Appointments
The Company is pleased to announce that it has recently
strengthened its senior management team by the appointment of Andy
Horobin and Maria Ludlow as Group Quality Director and Head of
Customer Support respectively. Andy, who will be primarily
responsible for the Company's product safety and quality standards,
has previously held a number of senior operational management
roles, including at Rolls Royce, and holds a post graduate degree
in operations management. Maria, who will lead a range of
operational improvements across the business aimed at improving the
customer experience, has an extensive track record of improving
customer service in a number of businesses, including Orange, Wago
UK and Geberit UK.
For further information, please contact:
FireAngel Safety Technology Group plc 024 7771 7700
John Conoley, Executive Chairman
Mike Stilwell, Group Finance Director
Shore Capital (Nominated adviser and broker) 020 7408 4050
Tom Griffiths/David Coaten
Notes to Editors
About FireAngel Safety Technology Group plc
FireAngel's mission is to protect and save lives by making
innovative, leading-edge home safety products which are simple and
accessible. FireAngel is one of the market leaders in the European
home safety products market.
FireAngel's principal products are connected smoke alarms, CO
alarms, heat alarms and accessories. The Company has an extensive
portfolio of patented intellectual property in Europe, the US and
other selected territories. Products are sold under FireAngel's
leading brands of FireAngel, FireAngel Pro, FireAngel Specification
and AngelEye.
For further product information, please visit:
www.fireangeltech.com
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