FireAngel profit warning burns investors
Never miss an issue of Master Investor Magazine – sign-up now for free! |
Home safety products developer FireAngel (LON:FA.) saw its shares crash 32.05% to 42.13p (as of 12:00 BST) after the company warned that results for the full year would be below market expectations.
Revenues in the first half of the year fell by 31.9% to £17.7 million as the firm made an operating loss of £1.8 million, which was roughly in line with prior warning. But short term supply chain problems and the relative weakness of the pound were having a negative effect on current trading.
The company’s management said that they believed the current supply issues could be resolved satisfactorily and that the firm would be able to ramp to sufficient scale to take advantage of emerging legislatively driven opportunities.
Comments (0)