By Anthony O. Goriainoff
FireAngel Safety Technology Group PLC said Monday that its pretax loss narrowed for the first half as revenue increased, and that the second half of the year presents challenges for the company.
The U.K. supplier of home-safety products said that, although it is on track to meet market expectations for the year, the board remains cautious on the second-half outlook given the current global supply-chain challenges being felt across the industry.
Pretax loss was 1.7 million pounds ($2.3 million) compared with a GBP3 million loss for the first half of 2020, the company said.
Revenue was GBP22.2 million compared with GBP16.5 million for the year-prior period.
"Lockdown restrictions have eased in our sales markets, but increasing challenges have come from factory restrictions, port closures, driver shortages, sea freight delays, lost efficiency opportunities, missed collaboration opportunities with partners, component shortages, and ensuing complexity. There appears to be little easing up in the issues facing the global supply chain and the journey out of Covid-19 restrictions may not play out as expected," Executive Chairman John Conoley said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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