UK-based company FireAngel Safety Technology (LON: FA.) shares are rallying on Thursday after the company said that following the jump in its revenue for October the momentum has continued with November revenue “significantly” higher.
The home safety products business said that its November revenue increased 20% year over year, driven by the company’s trade and retail sectors, making it a record month for the company so far this year.
Overall higher sales and improved product mix have driven a recovery in gross margin in Q4 2020, which are close to pre-lockdown levels the company said.
“I am pleased to report that trading in November and December to date has continued to be strong, building on the positive October performance. It's particularly pleasing to see the positive recovery in our Trade business following the impact of the pandemic and the subsequent Covid-19 restrictions on industry earlier in the year,” commented John Conoley, FireAngel’s Executive Chairman.
FireAngel also announced that it has appointed Jon Kempster to its board as Interim Chief Financial Officer, replacing the outgoing Mike Stilwell.
The company’s shares rallied after the revenue update, trading as high as 14.5p per share before falling slightly. They are currently trading at 14p per share, up 30.23%.