Ofex-traded Sprue Aegis, which makes the Fire-Angel range of fire and related home-safety products, claims it is making considerable progress towards profitability despite going deeper into the red.
The Coventry-based company said it was now better positioned to exploit the safety products market with both an extended product range and geographical coverage.
It was commenting alongside results for 2004 which showed widening losses on lower sales. Pre-tax losses for the year were £895,854 compared with a loss of £478,649 a year earlier.
Turnover fell to £1.5 million from £2.4 million.
The board said it believed that the opportunity for Sprue Aegis was much stronger today than at any time during its short history.
Chairman and chief executive Graham Whitworth said the year under review was hampered by a slowdown in the social housing sector.
