LONDON (ShareCast) - (Sharecast News) - Home safety products supplier FireAngel Safety Technology cautioned on Monday that full-year sales had taken a hit as a result of the Covid-19 pandemic.
Sales for 2020 were expected to be approximately £39.9m, down from £45.5m, while stock at 31 December stood at roughly £6.6m, a significant reduction from the £9.4m recorded at 30 June 2020.

Net debt, before lease obligations, was £3.7m at year-end, down from £4.9m at the same time a year earlier.

The AIM-listed group stated it had entered 2021 with "strong momentum" against its strategic priorities and highlighted that whilst the operational and market impact of Covid-19 had "inevitably dominated" 2020 and resulted in it recording reduced sales, the recovery in its key markets in the second half of the year and subsequent positive trading trajectory had been "encouraging".

Chairman John Conoley said: "The impact of Covid-19 held the Company back from achieving what would almost certainly have been a significantly improved performance in 2020.

"Despite the obvious Covid-19 related uncertainty, the board is targeting improved performance and sales growth in 2021 versus 2020."

As of 0910 GMT, FireAngel shares were flat at 22.45p.

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