Sales down, losses up at FireAngel

By Peter Davison

26 July 2023

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Interim losses at Fireangel are expected to be around £3.7 million

FireAngel Safety Technology Group, the Coventry-based manufacturer of home safety products, has reported lower first half sales and a widened pretax loss as difficult business conditions persisted.

Shares in the firm dropped by 23 per cent as it warned interim losses would be around £3.7 million – £2 million higher than expected previously.

Sales in the half year to June were down by 17 per cent to £21.4 million.

In June the company hired a new CEO, Neil Radley, and appointed a new chair, Andrew Blayze, who immediately instigated a strategic review.

Neil Radley said: "Andrew and I joined FireAngel to turn the company around and target long-term opportunities using our many years' experience.

"We are underway with the strategic review, which is important in addressing certain key issues to drive the business forward.

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"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."

By Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.