LifeSafe Holdings PLC Trading Update & Industrial Purchase Orders

RNS Number : 2793B

LifeSafe Holdings PLC

30 January 2024

 

 

 

For immediate release

30 January 2024

 

 

LifeSafe Holdings plc

('LifeSafe', the 'Group' or the 'Company')

 

Trading Update and Industrial Sales Channel Purchase Orders

 

FY23 performance in line with expectations with first industrial orders ahead of forecast

 

LifeSafe (AIM:LIFS), a fire safety technology business with innovative fire extinguishing fluids and fire safety products, provides the following trading update for the year ended 31 December 2023 ('FY23').  In addition, the Company is also pleased to provide an update on purchase orders received through its new industrial sales channel.  The figures set out in this announcement are subject to audit.

 

FY23 Trading Performance

 

Further to LifeSafe's Trading Update on 29 November 2023, the Board reports that trading for FY23 is in line with updated guidance.

 

Revenue for FY23 is expected to be approximately £5.9 million, at the upper end of the Board's expectations following successful trading over the Christmas period.  Underlying LBITDA¹ is expected to be approximately £1.4 million, in the middle of the range of the Board's expectations.

 

The Group continues to chase, but has not yet received, an update from HMRC as to progress in paying its delayed VAT refund of £350,000.

 

It is expected that the Preliminary Results will be published in April 2024.

 

Industrial Sales Channel Purchase Orders

 

The Board is pleased to report that since the year-end it has received its first purchase orders for industrial fluids for testing and certification purposes.  The orders for LifeSafe's Pre-Trauma Fluid ('PTF') and Thermal Runaway Fluid ('TRF') have come through the recently announced partnerships with Reacton and Lingjack, for use, respectively, in testing in Reacton's electric vehicle suppression system and in Lingjack's range of fire extinguishers and fixed suppression systems.

 

Dominic Berger, Chairman of LifeSafe, commented: "This progress is significantly ahead of the Board's timing expectations for its first material industrial orders through this new, higher-margin channel for 2024 and beyond. 2023 saw us successfully launch a number of innovative and non-toxic life-saving products, including the StaySafe All-in-1 fire extinguisher through to the Pre-Trauma Fluid, a preventative supercoolant designed to prevent lithium battery fires.  Moreover, the Group's strategy to grow its presence in industrial markets is progressing very well, and we look forward to building on our industrial partnerships in the year ahead."

 

¹Underlying LBITDA represents loss for the year before finance expense, tax, depreciation and amortisation, and non-underlying items.

 

- Ends -

 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ('MAR').  Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

The person responsible for arranging the release of this announcement on behalf of the Company is Mike Stilwell, Chief Financial Officer of the Company.

 

For further enquiries:

 

LifeSafe Holdings plc	Via FTI Consulting
Dominic Berger, Chairman	[e-mail]
Neil Smith, Chief Executive Officer
Mike Stilwell, Chief Financial Officer
WH Ireland Limited (Nominated Adviser & Broker)	Tel: [phone]
Chris Fielding
Darshan Patel
Isaac Hooper
FTI Consulting (Financial Communications)	Tel: [phone]
Tom Hufton	[e-mail]
Harriet Jackson
Liam Gerrard

 

Notes to Editors

 

LifeSafe is a fire safety technology business that develops eco-friendly, novel and innovative fire extinguishing fluids and life-saving fire safety products.  LifeSafe has developed a market disrupting range of eco-friendly fire safety protection products; a new patent-pending Thermal Runaway Fluid to combat lithium battery fires by permanently extinguishing and preventing re-ignition, and the StaySafe All-in-1, a handheld eco-friendly and fully recyclable extinguisher which is verified to extinguish ten different types of fire and the number one selling fire extinguisher on Amazon UK.  LifeSafe is successfully creating new markets for the Group in fire safety through its innovative technologies, products, digital marketing and multi-channel sales; and is continuing to develop new fluid derivations for applications in various industrial market sectors.

 

LifeSafe was admitted to trading on AIM in July 2022 with the ticker LIFS.

 

For further information please visit: https://www.lifesafeholdingsplc.com.

LinkedIn: https://www.linkedin.com/company/lifesafe-technologies

Twitter: https://twitter.com/LifesafeT

 

 

 

 

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END

 

 

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