FireAngel revenues ahead of revised expectations in April
By Iain Gilbert
Date: Wednesday 27 May 2020
(Sharecast News) - Home safety products manufacturer FireAngel Safety Technologies said on Wednesday that while Covid-19 had impacted its short-term outlook, revenues in April were in "some way" ahead of revised expectations.
FireAngel said April revenues were expected to be almost 55% of the group's pre-Covid-19 budget, while May revenues were pegged to come in at a "similar level of budget achievement".
The AIM-listed group added that it continues to believe that both medium and long-term prospects for its unique technology were "strong".
"We are encouraged by online sales resilience and the increasing shift to online fulfilment in the Retail business. In recent days, new enquiries have come through the Trade business, adding to our growing funnel of opportunities," said FireAngel.
The recent re-opening of retail and trade channels, and clear attempts to restart the construction sector, also reinforced FireAngel's expectation of "a reasonably quick rebound" in demand for its connected solutions.
"It is pleasing that demand, whilst reduced, has continued to recover in our international markets and the emphasis in many UK-customer conversations has moved to preparing to return to normal behaviour after lockdown restrictions have been lifted further."
FireAngel also said it had continued to take "mitigating actions to conserve cash", including taking advantage of Downing Street's tax payment deferral arrangements and a Coronavirus Large Business Interruption Loan.
As of 1115 BST, FireAngel shares were down 1.15% at 12.85p.
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