Sprue Aegis plc AGM Statement (1167I)

TIDMSPRP

RNS Number : 1167I

Sprue Aegis plc

15 June 2017

15 June 2017

Sprue Aegis plc

("Sprue", the "Company" or the "Group")

AGM Statement

Sprue (AIM: SPRP), one of Europe's leading developers and suppliers of home safety products, is holding its Annual General Meeting today at which Graham Whitworth, Executive Chairman, will make the following statement:

"Sprue has made a positive start to the year with an expected strong return to profitability in H1 2017 building on the steady progress delivered by the Company in the second half of 2016. The combination of a significant improvement in gross margin and a net reduction in overheads is expected to contribute to a much improved financial performance by the Group in H1 2017 compared to H1 2016.

Despite the recent modest currency fluctuations (Sterling v US Dollar and Sterling v Euro), the Group remains well positioned to deliver full year adjusted operating profit in line with market expectations.

The new manufacturing and distribution arrangements announced by the Company on 31 March 2017 are progressing well. These transformational initiatives will further strengthen our offering in the key markets we serve across Europe and greatly enhance our ability to accelerate growth and maximise shareholder value in the medium to longer term."

For further information, please contact:

 
 Sprue Aegis plc                        02477 717 700 
 Graham Whitworth, Executive 
  Chairman 
  Neil Smith, Group Chief Executive 
  John Gahan, Group Finance Director 
 
 Vigo Communications 
  Jeremy Garcia / Fiona Henson 
  / Natalie Jones                       020 7830 9700 
 
 Stockdale Securities                   0207 601 6100 
 Tom Griffiths 
 

Notes to Editors

About Sprue Aegis plc

Sprue's mission is to protect, save and improve our customers' lives by making innovative, leading edge technology simple and accessible. Sprue is one of the market leaders in the European home safety products market and launched its own connected homes product proposition at the end of 2016.

Sprue's principal products are smoke alarms, CO alarms and accessories. The Group has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories. Products are sold under Sprue's leading brands of FireAngel, FireAngel Pro, FireAngel Spec, AngelEye and FireAngel Connect.

For further product information, please visit: www.sprue.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGMGGUUUQUPMGQC

(END) Dow Jones Newswires

June 15, 2017 02:00 ET (06:00 GMT)