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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fireangel Safety Technology Group Plc | LSE:FA. | London | Ordinary Share | GB0030508757 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.25 | 3.50 | 5.00 | 4.25 | 4.25 | 4.25 | 214 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Communications Equip, Nec | 57.46M | -5.85M | -0.0323 | -1.32 | 7.7M |
TIDMSPRP
RNS Number : 8912U
Sprue Aegis plc
24 January 2017
24 January 2017
Sprue Aegis plc
("Sprue" or the "Company" or the "Group")
Trading update
Sprue (AIM: SPRP), one of Europe's leading home safety products suppliers, today announces a trading update ahead of the release of its audited final results for the year ended 31 December 2016, which are expected to be in line with market expectations. The figures set out in this announcement are subject to audit.
Sales are expected to be approximately GBP57.1m (2015: GBP88.3m) and the operating profit* (post a GBP0.2m restructuring charge) is expected to be approximately GBP2.1m (2015: GBP12.8m). The Group delivered an improved performance in the second half with an estimated H2 2016 operating profit* of GBP3.0m (H1 2016: operating loss of GBP0.9m before share based payments charge).
The reduction in sales was mainly driven by significantly lower demand in France. However, sales into Germany recovered strongly in 2016, up 52% on 2015, primarily underpinned by the launch of new FireAngel products in H2 2016. Due to the phased introduction of smoke alarm regulation in further states in Germany and the timing of the commencement of product replacement cycles, the Board expects the German market will continue to provide significant growth opportunities for the Group.
Since the EU referendum, the Group has seen significant product cost inflation due to the weakness of Sterling against the US Dollar, which was only partially offset by the strength of the Euro against Sterling.
FireAngel product returns and FireAngel warranty costs in 2016 were in line with the Board's expectations. Sprue expensed a core level of FireAngel warranty costs equivalent to approximately 1.0 per cent. of expected 2016 sales and released part of the FireAngel warranty provision to offset warranty expense above that core level.
In 2016, the Board increased the stock provision by GBP0.5m to GBP0.7m (31 December 2015: GBP0.2m), primarily in relation to French stock as previously announced. Net of provisions, stock at 31 December 2016 had reduced by 15 per cent. to approximately GBP13.3m (2015: GBP15.6m).
The Company's balance sheet remains strong with GBP14.3m of cash at the year end (2015: GBP22.4m) and no debt (2015: GBPnil).
The Company expects to announce its final results for the year ended 31 December 2016 in late March 2017.
Graham Whitworth, Executive Chairman of Sprue, commented:
"We are pleased to report good progress across the Group. The team worked effectively to address the key challenges which is reflected in the stronger performance in H2 2016.
The functionality of home safety products continues to evolve and our R&D team is working to ensure we maintain our "best in class" reputation. We are well placed to capitalise on emerging opportunities including sales of connected home products."
*Operating profit in 2016 of GBP2.1m is stated after a GBP0.2m restructuring charge (2015: GBPnil) and before share based payments charge of GBP0.6m (2015: operating profit of GBP12.8m is stated before exceptional warranty charge of GBP5.5m and share based payments charge of GBP0.5m)
For further information, please contact:
Sprue Aegis plc 02477 717700 Graham Whitworth, Executive Chairman Neil Smith, Group Chief Executive John Gahan, Group Finance Director Stockdale Securities 0207 601 6100 Tom Griffiths Vigo Communications 020 7830 9700 Jeremy Garcia / Fiona Henson / Antonia Pollock
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 is launched its own connected homes product proposition at the end of 2016.
Sprue's principal products are smoke alarms, CO alarms and accessories and the Group has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories. Products are sold under the leading brands of FireAngel, AngelEye, SONA, Pace Sensors, FireAngel Pro and Wi-Safe Connect.
Sprue is also the exclusive European distributor for BRK Brands Europe Limited, (a subsidiary of Newell Brands) selling BRK, Dicon and First Alert branded home safety products.
For further product information, please visit: www.sprue.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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January 24, 2017 02:00 ET (07:00 GMT)
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