FireAngel Safety Technology fundraise secures £6 Million

Fire Angel Technology

A Warwickshire company which makes smoke detectors, carbon monoxide detectors and other home safety products detectors has raised £6.1 million through a placing and open offer.

FireAngel Safety Technology Group plc, based at Warwick Science Park, is one of Europe’s leading developers and suppliers of home safety products.

In March, in unaudited preliminary results, the AIM-listed company reported revenues of £45.5 million, up from £37.6 million in 2018, with an underlying operating loss of £2.9 million and adjusted gross profit of £8.7 million

At the time of publishing its results, Executive Chairman of FireAngel, John Conoley, said: “The Group enters 2020 beginning to realise the promise of its investment in R&D for connected alarms. 2019 was a challenging year with results continuing to be negatively impacted by legacy issues. We have addressed these issues and are taking action to improve gross margins which we expect will increase in 2020 and continue to do so in subsequent years. The opportunity presented by the growing demand for connected home solutions is significant and I look forward to the Group’s next phase of growth.