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FireAngel Safety Technology Group PLC - Coventry-based home safety products maker - Says it has made ‘excellent progress’ in 2021 against primary goal to drive margin expansion. For 2021, pretax loss narrows to £3.7 million from £9.3 million in 2020 on revenue of £43.5 million, up from £39.9 million. Looking ahead, says demand was much higher than the company's ability to supply, which has continued in the first few months of 2022. It also forecasts ‘materially positive’ earnings before interest, tax, depreciation, and amortization forecast for 2022.
‘We are confident that the middle part of this year will see a step change in gross margin performance, as planned. We have recently begun to ship our new entry level products, a project we initiated in 2020, which will add to the gross margin performance of the overall business beginning Q2 2022. We have reviewed our pricing arrangements, particularly to offset the strong inflationary pressures, and our actions here will begin to have an impact as Q2 2022 progresses,’ Chair John Conoley says.
Current stock price: 13.71 pence, up 24% on Tuesday
12-month change: down 0.9%
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