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FireAngel Safety Technology Group PLC on Tuesday said it implemented price increases in the second quarter of 2023 as it expected a widened interim loss.
The Coventry-based maker of home safety products such as smoke alarms and carbon monoxide detectors said for the first half of 2023, it expects an underlying pretax loss of £3.7 million, more than doubled from £1.7 million a year prior.
This is on the back of lower expected sales, at £21.4 million, down 17% from £25.6 million a year prior. Further, non-underlying costs quintupled to about £500,000 from £100,000.
‘Price increases have been implemented in Q2 2023 to offset higher input costs and improve margins,’ the company said.
Looking ahead, Chief Exevutive Neil Radley said: ‘With the net proceeds of last month’s fundraising, we are confident for the future and expect to see improved business momentum in H2 2023. We look forward to updating shareholders in more depth in our interim results.’ The company had raised £300,000 in June.
FireAngel expects to release its half-year results at the end of September.
FireAngel Safety closed down 29% to 3.06 pence each on Tuesday in London.
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