FireAngel Safety Technology Group plc
(‘FireAngel’, the ‘Group’ or the ‘Company’)
and update on recent trading
FireAngel (AIM: FA.), one of Europe’s leading developers and suppliers of home safety products, is pleased to announce the appointment of Jon Kempster to the Board as Interim Chief Financial Officer, with immediate effect.
Jon replaces Mike Stilwell, Group Finance Director, who further to the Company’s announcement on 19 November 2020 has resigned as a Director with immediate effect and will remain with the Company until the end of January 2021 to ensure an orderly handover. The search for a permanent replacement remains ongoing and a further announcement will be made in due course.
Jon is currently a Non-Executive Director and Chair of the Audit Committee at Ted Baker plc, Redcentric plc and Bonhill Group plc and a Trustee of the Delta plc pension scheme. His career has included Board positions at Delta plc, Fii Group plc, Frasers Group plc, Linden plc, Low & Bonar plc, Utilitywise plc and Wincanton plc. Jon qualified as a Chartered Accountant with Price Waterhouse in 1990 and has a BA (Hons) in Business Studies from the University of Liverpool. Further information in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies is set out at the end of this announcement.
Update on recent trading
Following the Company’s announcement on 5 November 2020 in which it commented that October had been its highest revenue month in the year to date by some margin, the Board is pleased to announce that this positive trading momentum has continued. Group revenues for November were significantly higher than October and up 20 per cent when compared to the same month the prior year.
This performance has been driven by the Company’s Trade and Retail sectors with both business divisions delivering revenues in November which were materially higher than any other month this year. The Group’s Trade sector made particularly strong progress, delivering the highest level of monthly revenue for three years.
Overall, higher sales and improved product mix have driven a recovery in gross margins in Q4 2020 which are now close to pre-lockdown levels.
John Conoley, Executive Chairman of FireAngel, commented: “Whilst the search for Mike’s permanent replacement is ongoing, the Company has taken the opportunity to appoint Jon as Interim CFO to assist with the workload over the year end and work with Zoe Fox, the Finance Director of FireAngel’s trading business, in the preparation of the Group’s financial statements for the year ending 31 December 2020. Jon brings with him an impressive track record of relevant public company experience and I look forward to working with him.
“I am pleased to report that trading in November and December to date has continued to be strong, building on the positive October performance. It’s particularly pleasing to see the positive recovery in our Trade business following the impact of the pandemic and the subsequent Covid-19 restrictions on industry earlier in the year. There are clearly continued uncertainties around UK and European Covid-19 measures, as well as Brexit and it is therefore reassuring to see the continued upward trajectory of trading.”
For further information, please contact:
|FireAngel Safety Technology Group plc||024 7771 7700|
|John Conoley, Executive Chairman|
Shore Capital (Nominated adviser and broker)
020 7408 4050
|Tom Griffiths/David Coaten|
Notes to Editors
About FireAngel Safety Technology Group plc
FireAngel’s mission is to protect and save lives by making innovative, leading-edge home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market.
FireAngel’s principal products are connected smoke alarms, CO alarms, heat alarms and accessories. The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories. Products are sold under FireAngel’s leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye.
For further product information, please visit: www.fireangeltech.com
Regulatory disclosures (in accordance with Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies)
Save for the information set out above and below, there are no further disclosures to be made in accordance with Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in respect of the appointment of Jonathan “Jon” Kempster, aged 57. Mr. Kempster does not hold an interest in the Company’s share capital.
Bonhill Group plc
Delta Pension Nominees Limited
Portcentric Solutions Limited
Ted Baker plc
Past Directorships (within 5 Years)
Beardsley Realisations 1 Limited (Previously Energy Information Centre Limited)
Beardsley Realisations 2 Limited (Previously T-Mac Limited)
Broadfern Properties Limited
Eco Monitoring Utility Systems Limited
EIC Energy Trading Limited
Frasers Group plc
JVM Equipment International Limited
Proposed Solution OU
Republic.com Retail Limited
South Quayside Holdings Limited
Sportsdirect.com Retail Limited
The Bowling Back Land Company Limited
The Flannels Group Limited
Utilitywise Franchising Limited