While FireAngel’s trading update is disappointing in that 2018 forecasts have been reduced again, it is more encouraging that orders have started to come through and we are making no changes to our 2019E or 2020E forecasts. 2018 sales have been hit by delays in orders from UK Retail and German trade as well as the postponement of Scottish legislation into H1 2019, while profits have been further impacted by delays in Flex optimising production. Given the forecast profit recovery we reta ....