TIDMFA.
RNS Number : 9043I
FireAngel Safety Technology Group
17 December 2020
17 December 2020
FireAngel Safety Technology Group plc
('FireAngel', the 'Group' or the 'Company')
Directorate change
and update on recent trading
FireAngel (AIM: FA.), one of Europe's leading developers and
suppliers of home safety products, is pleased to announce the
appointment of Jon Kempster to the Board as Interim Chief Financial
Officer, with immediate effect.
Jon replaces Mike Stilwell, Group Finance Director, who further
to the Company's announcement on 19 November 2020 has resigned as a
Director with immediate effect and will remain with the Company
until the end of January 2021 to ensure an orderly handover. The
search for a permanent replacement remains ongoing and a further
announcement will be made in due course.
Jon is currently a Non-Executive Director and Chair of the Audit
Committee at Ted Baker plc, Redcentric plc and Bonhill Group plc
and a Trustee of the Delta plc pension scheme. His career has
included Board positions at Delta plc, Fii Group plc, Frasers Group
plc, Linden plc, Low & Bonar plc, Utilitywise plc and Wincanton
plc. Jon qualified as a Chartered Accountant with Price Waterhouse
in 1990 and has a BA (Hons) in Business Studies from the University
of Liverpool. Further information in accordance with paragraph (g)
of Schedule Two of the AIM Rules for Companies is set out at the
end of this announcement.
Update on recent trading
Following the Company's announcement on 5 November 2020 in which
it commented that October had been its highest revenue month in the
year to date by some margin, the Board is pleased to announce that
this positive trading momentum has continued. Group revenues for
November were significantly higher than October and up 20 per cent
when compared to the same month the prior year.
This performance has been driven by the Company's Trade and
Retail sectors with both business divisions delivering revenues in
November which were materially higher than any other month this
year. The Group's Trade sector made particularly strong progress,
delivering the highest level of monthly revenue for three
years.
Overall, higher sales and improved product mix have driven a
recovery in gross margins in Q4 2020 which are now close to
pre-lockdown levels.
John Conoley, Executive Chairman of FireAngel, commented : "
Whilst the search for Mike's permanent replacement is ongoing, the
Company has taken the opportunity to appoint Jon as Interim CFO to
assist with the workload over the year end and work with Zoe Fox,
the Finance Director of FireAngel's trading business, in the
preparation of the Group's financial statements for the year ending
31 December 2020. Jon brings with him an impressive track record of
relevant public company experience and I look forward to working
with him.
"I am pleased to report that trading in November and December to
date has continued to be strong, building on the positive October
performance. It's particularly pleasing to see the positive
recovery in our Trade business following the impact of the pandemic
and the subsequent Covid-19 restrictions on industry earlier in the
year. There are clearly continued uncertainties around UK and
European Covid-19 measures, as well as Brexit and it is therefore
reassuring to see the continued upward trajectory of trading."
For further information, please contact:
FireAngel Safety Technology Group plc 024 7771 7700
John Conoley, Executive Chairman
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
Regulatory disclosures (in accordance with Rule 17 and Schedule
Two paragraph (g) of the AIM Rules for Companies)
Save for the information set out above and below, there are no
further disclosures to be made in accordance with Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies in
respect of the appointment of Jonathan "Jon" Kempster, aged 57. Mr.
Kempster does not hold an interest in the Company's share
capital.
Current Directorships
Bonhill Group plc
Delta Pension Nominees Limited
Portcentric Solutions Limited
Redcentric plc
Ted Baker plc
Past Directorships (within 5 Years)
Beardsley Realisations 1 Limited (Previously Energy Information
Centre Limited)
Beardsley Realisations 2 Limited (Previously T-Mac Limited)
Broadfern Properties Limited
Eco Monitoring Utility Systems Limited
EIC Energy Trading Limited
Frasers Group plc
JVM AG
JVM Equipment International Limited
JVM Limited
Proposed Solution OU
Republic.com Retail Limited
South Quayside Holdings Limited
Sportsdirect.com Retail Limited
The Bowling Back Land Company Limited
The Flannels Group Limited
Utilitywise Franchising Limited
Utilitywise plc
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END
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