StockMarketWire.com - Loss before tax increased to £3.6m from £2m as revenue grew from £17.7m to £20.7m, in FireAngel's half year report for the period ending 30 June 2019.

The company saw its net cash position in 2018 swing to a net debt position of £1.7m, with the board cautious regarding the timing of completion of certain strategically significant trials now committed or in progress.

The underlying performance in the first half, before the increase in amortisation charge, was ahead of the Board's expectations, and the second half of 2019 is expected to deliver a profitable trading result with improved gross margins based on the revenue mix.

Commenting on the results, John Conoley, Executive Chairman of FireAngel, said: 'We have continued to make progress in repositioning the business during the first half of 2019. The Board's focus over the next 18 months is on leveraging the investment made in differentiating our technology and establishing the processes to deliver the large and more strategic opportunities this investment is opening up.'

'Although the completion of certain significant trials is now likely to take longer than originally expected, thereby negatively impacting the final results for 2019, the trials represent an important commercial validation of the Group's strategy and investment in differentiating technology. The Company will seek actively to execute on the range of opportunities it sees for gross margin progression in the short, medium, and long term.'

At 8:45am: [LON:FA.] Fireangel Safety Technology Group Plc Ord 2p share price was -4p at 20.5p



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