Sprue Aegis plc Trading Statement (2537D)
30 January 2018 - 6:00PM
UK Regulatory
TIDMSPRP
RNS Number : 2537D
Sprue Aegis plc
30 January 2018
30 January 2018
Sprue Aegis plc
("Sprue" or the "Company" or the "Group")
Trading update
Sprue (AIM: SPRP), one of Europe's leading home safety product
suppliers, announces the following trading update for the year
ended 31 December 2017. The figures set out in this announcement
are subject to audit.
For the year ended 31 December 2017, operating profit* is
expected to be in line with market expectations at approximately
GBP4.5m (2016: GBP2.1m) helped by a significant improvement in
gross margin and pro-active management of the cost base on expected
sales of GBP54.3m (2016: GBP57.1m).
2017 was a strategically pivotal year for the Group with the
transition of Sprue's own product manufacturing away from Newell
Brands to Flex in Poland and the sourcing of replacements to the
BRK products from a leading Far East based supplier. The Board is
pleased with the progress made and expects both production and the
sourcing of alternative products to commence in April this
year.
The Company expects to announce its audited final results for
the year ended 31 December 2017 in late March 2018.
Graham Whitworth, Executive Chairman of Sprue, commented:
"2017 saw a significant improvement in gross margin with
operating profit* more than doubling to GBP4.5m, albeit against a
backdrop of lower sales than anticipated.
The transition of manufacturing to Flex in Poland and the
sourcing of products from a leading Far East supplier are on track.
We are excited about becoming independent from Newell Brands from
31 March 2018 and believe that 2018 is set to be a transformational
year for the Group."
*Operating profit of GBP4.5m is stated before share based
payments charge of GBP0.4m (2016: share based payments charge of
GBP0.6m) and after exceptional items of GBPnil (2016: GBP0.2m
exceptional restructuring charge)
For further information, please contact:
Sprue Aegis plc 02477 717700
Graham Whitworth, Executive
Chairman
Neil Smith, Group Chief Executive
John Gahan, Group Finance Director
Stockdale Securities 0207 601 6100
Tom Griffiths
Vigo Communications 020 7830 9700
Jeremy Garcia / Fiona Henson
/ Emma Lord
Notes to Editors
About Sprue Aegis plc
Sprue is one of the leaders in the European home safety products
market and its range of products can be connected over the internet
including smoke alarms, CO alarms and accessories.
The Group has its own extensive portfolio of patented
intellectual property in Europe, the US and other selected
territories. Products are sold under Sprue's leading brands of
FireAngel and AngelEye.
Sprue's mission is to protect, save and improve its customers'
lives by making innovative, leading edge
technology simple and accessible. For further product information, please visit: www.sprue.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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