FireAngel Safety Technology Group plc
('FireAngel', the 'Group' or the 'Company')
AGM statement
FireAngel (AIM: FA.), a leading developer and supplier of home safety products, is holding its Annual General Meeting ('AGM') today. In response to the COVID-19 pandemic, the UK Government has introduced laws to prevent individuals engaging in non-essential travel and attending public gatherings of more than two people, save where essential for work purposes. Having taken legal advice, the Board has concluded that, in these exceptional circumstances and to ensure shareholders can comply with the legal requirements currently in place, shareholders should not be permitted to attend this year's AGM. Shareholder attendance at the AGM will be limited to only the two shareholders required to form a quorum under the Company's Articles of Association, being the Chairman and one other identified shareholder.
Ahead of the AGM, John Conoley, Executive Chairman of FireAngel, provides the following statement:
“The Company made a good start to 2021 and trading has continued to be on track as the UK eases out of the COVID-19 lockdown restrictions. I am pleased to say that we anticipate that our first half performance to 30 June 2021 will be in line with the Board's expectations.
There are however ongoing reverberations from the COVID-19 pandemic still being felt, with some of our markets not yet fully open, alongside global component shortages and occasional international shipping disruptions. So far, we have dealt with the challenges and absorbed consequent extra costs without harming the Group's overall performance. However, we expect these challenges to continue through the current year and we are working continually to address and mitigate wherever possible. Despite the aforementioned challenges, demand for our products and services continues.
I would once again like to take this opportunity to thank our shareholders for their support in the fundraising announced by the Company at the end of April. It has provided the Company with the necessary funds to deliver its strategic goals and lays the foundation for a return to profitability and positive cash generation.
FireAngel's compelling proposition to protect and save lives with innovative, cutting-edge home safety technology remains strong and the Group is well positioned for future growth.”
The Company intends to provide an update on first half trading in late July 2021.