Shares in Fire Angel Safety Technologies PLC, the safety products group, fell 33% as a current trading update alongside its full-year results suggested its trading woes hadn’t eased.
“Trading in the year to date is in line with the board's revised expectations, with two particular exceptions which will not be recovered this year, as referred to in the group's most recent trading update on 25 April 2023, with a weaker start to the year than anticipated being partly mitigated by lower than expected costs,” investors were told.
The update followed news on Monday that the company was raising up to £6.1 million from investors to alleviate its debt burden and to provide it with working capital.
The stock, off 45% in the year to date, was off 2.25p in afternoon trade at 4.5p.