Fireangel confident about future as losses narrow

Fireangel

FireAngel Safety Technology Group, the Coventry-based manufacturer of home safety products, says it made “excellent progress” in 2021 after cutting its losses to £3.7 million – against a £9.3 million deficit in 2020.

Revenues rose from £39.9 million in 20210 to £43.5 million in 2021.

A better outcome was only prevented by severe supply chain issues, said the firm. “Demand, especially for connected products, was much higher than the company’s ability to supply,” it said.

It has forecast “materially positive” earnings before interest, tax, depreciation, and amortisation for 2022.

John Conoley, executive chairman of FireAngel, said: “We have made excellent progress in 2021 against our primary goal, to drive margin expansion and, in doing so, return to profitability, with the aim of becoming cash generative at the end of 2022.

“Despite seeing further impact from the pandemic and its strong knock-on effects to global supply chains, I am pleased with how the Group has performed.”

“Our team has done an excellent job of navigating a difficult year. Our steadfast focus on our strategic initiatives, the significant deals signed and our successful fundraising of £9.8m, (before expenses), in April have provided us with a strong platform for further improvement.

“Meanwhile, the investments we have made to improve efficiencies and counter supply chain issues going forward leave us well positioned for growth, and importantly for further margin expansion in the immediate, medium and long term.”