LONDON (ShareCast) - (ShareCast News) - Sprue Aegis says it has made a solid start to 2017 after emerging from an at times challenging 2016 as a fitter, leaner and better placed company to capitalise on a number of pivotal strategic initiatives.
"Our strong performance in the second half of last year gives a clear indication of the positive momentum we are now experiencing across the business," said executive chairman Graham Whitworth.

He said the developer and supplier of home safety products had made a solid start to 2017, which served as a sound foundation to announce a number of transformational initiatives.

Whitworth believed these initiatives would provide a springboard to expand its technological and operational footprint into new markets and territories and enhance the group's earnings potential.

His comments followed Sprue Aegis reporting a full-year pre-tax profit of £1.57m, down from £6.73m in 2015. Revenue was £57.1m, from £88.3m.

It recommended an unchanged final dividend of 5.5p a share, giving a total dividend to 8p a share and unmoved from 2015.

Sprue Aegis said it had made significant progress across the business during 2016 despite the challenges experienced.

"The battery warranty issue which arose early last year was particularly disappointing after a period of sustained growth for the group," the company said.

"We have undertaken significant analysis around the issues that occurred with the batteries and have implemented a series of measures, including the strengthening of our quality team and improving our internal controls and processes in order to minimise the impact and likelihood of any such future incidents."

At 14:03 GMT, shares in AIM-listed Sprue Aegis were up 6.41% to 182.5p each.

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