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FireAngel surges as it wins smoke alarm contract with another Scottish housing association

Housing association are scrambling to fit out their properties with new smoke and heat alarms after the Scottish government passed a new law last month
smoke alarm
FireAngel has signed contracts with three Scottish HAs in the past few weeks

Fire Angel Safety Technology Group PLC (LON:FA.) surged on Friday after it won a new contract to supply smoke and heat alarms to yet another housing association in Scotland.

The agreement is with Falkirk-based Link Group, which manages more than 10,000 properties north of the border.

Shares jumped 10.5% to 19p in early deals on Friday.

READ: FireAngel dives on profit warning

This is the third contract win with a Scottish housing association in the past month, as AIM-quoted FireAngel benefits from new regulations brought in by the Scottish government in February.

Every home must now have a smoke alarm fitted in the living room and in circulation spaces such as hallways, landings, while heat alarms must be installed in kitchens. All alarms need to be interlinked as well so they can be heard throughout the property.

Homes are also required to have a carbon monoxide alarm fitted wherever there are fixed combustion appliances.

“Today's announcement with Link Group is the latest in a series of agreements with housing associations following the implementation of the Housing Scotland Act,” said chief executive Neil Smith.

“We are pleased to see such traction, which further validates how well-placed FireAngel is to respond to demand for compliant, interlinked products following the introduction of the regulation.”

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Fire Angel Safety Technology Group PLC Timeline

Newswire
January 31 2019

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