AGM statement
FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, is holding its Annual General Meeting today at which John Conoley, Chairman, will make the following statement:
“I am encouraged by the growth in first half sales, with good progress being made in the sales of interconnected alarms, growing over 30% year-on-year and now accounting for 15% of total company sales. Particularly pleasing is the growth in UK Trade revenue which is expected to be more than 30% above the same period last year. Overall, the Board expects first half trading to be slightly ahead of budget.
The Group's balance sheet was strengthened by the fundraising undertaken at the end of March. I would like to take this opportunity to thank shareholders for their support.
The focus for the rest of the year is to maintain the sales momentum, continue operational improvements and margin enhancement. The Board will provide a further update on trading and prospects in a trading update to be issued at the end of July.
Finally, I wish to announce that after long service to the Company William Payne will step down as a non-executive director upon the announcement of a replacement non-executive director. William joined the Board in 2000 and, most recently, has chaired the Audit Committee and Remuneration Committee. The search for Mr Payne's successor has started. On behalf of the Board, I pass on our sincere thanks for his many contributions, particularly through recent challenges, and wish him well in the future.”