FireAngel(FA.), a developer and supplier of home safety products, released its final results for 2022, delivering its strongest revenue growth since 2017 despite economic headwinds, which meant a boost in adjusted growth profit.
Significant progress was made on FireAngel's project with Techem Energy Services to develop a new generation smoke alarm primarily for the German market. Most recently, as announced on 18 April 2023, production and delivery contracts have been signed with Techem, significantly advancing the progress of the partnership.
Despite this good news, some reported numbers were adversely impacted by purchase price variance, unprecedented currency swings, inflation, and supply constraints, especially on higher-margin connected products.
Other news in the fire safety sector came from LifeSafe (LIFS,) which reported that revenue in the first four months of 2023 had exceeded the board's expectations, coming in at £2.1 million - over 200% higher than the same period last year and approximately 15% higher than internal budgets for 2023.
LifeSafe said this bodes well for the second half of the year, which is expected to reflect the company's seasonally busier second half of 2022 and the launch of LifeSafe's new StaySafe all-in-1 fire extinguisher in the North American and European markets.
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An overall mixed result from FireAngel, which has managed to deliver impressive revenue growth in 2022, but has not been entirely immune to a turbulent macroeconomic landscape, in particular inflation and supply chain disruptions.
Despite this, strong revenue growth for FireAngel in 2022 can largely be put down to further regulatory changes that were introduced across several markets that the company operates. These include the Fire and Carbon Monoxide alarm legislation, along with wider social housing reform and environmental legislation across the UK, Belgium, Netherlands and Luxembourg, which continues to underpin demand for FireAngel's products.
With the development of its new generation smoke alarm nearing, and manufacturing set to commence in early FY24, the company looks well position to take advantage of rising demand driven by societal and regulatory changes, in particular the impact of regulatory developments in the German market.
For LifeSafe, surging demand for its All-in-1 fire extinguisher, capable of extinguishing lithium-ion battery fires, is driven by two key factors: the escalating frequency of lithium-ion fires and the growing awareness of this issue as more battery vehicles hit the road.
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