LifeSafe Holdings PLC Trading update, New trade finance facility (5510B)

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RNS Number : 5510B

LifeSafe Holdings PLC

05 June 2023

 
 For immediate release   5 June 2023

LifeSafe Holdings plc

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

Trading update

New trade finance facility

LifeSafe (AIM:LIFS), a fire safety technology business with innovative fire extinguishing fluids and fire safety products, is pleased to report that sales growth has continued to exceed the Board's expectations in 2023 with revenue in the first four months to 30 April 2023 of approximately GBP2.1 million, over 200% higher than the same period last year and approximately 15% higher than internal budgets for 2023.

The Board believes that the outperformance of sales in the first four months of 2023 augurs well for trading in the second half of the year, which is expected to reflect the Company's seasonally busier second half of 2022, and the launch of LifeSafe's new StaySafe All-in-1 fire extinguisher in the North American and European markets.

The new StaySafe All-in-1 extinguishes 10 different types of fire, including lithium-ion battery fires. Lithium-ion fires are becoming an increasingly prevalent problem which this product can effectively extinguish and prevent re-ignition. The Group expects the growing awareness of this problem to continue to drive strong sales growth.

To take full advantage of this growing second-half revenue opportunity, in addition to the unsecured GBP250,000 non-revolving supplier invoice finance facility announced on 31 March 2023, the Group has entered into a new 150-day, GBP250,000 trade finance facility to more easily manage its expected working capital requirements. The facility is subject to an arrangement fee and interest of 3% per month and is secured by debenture over the assets of the Group.

Commenting on the Trading Update, Dominic Berger, Chairman of LifeSafe, said: "The outperformance of revenue against the Board's expectations in the first four months of the year is very encouraging. To ensure the Company is positioned to take full advantage of the growing sales potential of the second half of 2023 we must invest now in the procurement cycle to meet the expected demand. The new trade finance facility announced today will enable us to meet that growing demand more effectively."

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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 Buchanan 
 Dominic Berger, Chairman              www.lifesafeholdingsplc.com 
 Neil Smith, CEO 
 Mike Stilwell, CFO 
 
 WH Ireland Limited (Nominated           Tel: +44 (0) 20 7220 1666 
  Adviser & Broker) 
 Chris Fielding 
 Darshan Patel 
 
 Buchanan (Financial Communications)     Tel: +44 (0) 20 7466 5000 
 Henry Harrison-Topham                    LifeSafe@buchanan.uk.com 
 Jack Devoy

Notes to Editors

LifeSafe is a fire safety technology business that develops eco-friendly, novel and innovative fire extinguishing fluids with a range of life-saving fire safety products. Through its highly experienced management team, LifeSafe is seeking to create new markets for the Group in fire safety through new technologies, digital marketing and multi-channel sales.

LifeSafe has developed what the Directors believe to be a market disrupting range of eco-friendly fire safety protection products including, launched in December 2022, a new Thermal Runaway Fluid to combat thermal runaway in lithium battery fires by permanently extinguishing and preventing the re-ignition of lithium fires. This is an evolution of the Group's core FER1000 extinguishing fluid, for which the Group has been granted a patent in the UK, which has been developed by LifeSafe to extinguish five different types of fire: electrical, paper, textiles, cooking oil, and petrol and diesel.

The Group launched its best-selling first generation StaySafe 5-in-1 fire extinguisher using this fluid on Amazon Prime in the UK in August 2021. It subsequently became Amazon Prime's top-selling fire extinguisher in the UK in the same month. The StaySafe All-in-1, an evolution of the Group's core fluid which is verified to extinguish ten different fire types, was launched in the UK in April 2023. StaySafe products were launched in Screwfix in Spring 2022.

LifeSafe is continuing to develop new fluid derivations for the industrial market.

LifeSafe was admitted to trading on AIM in July 2022 with the ticker LIFS.L. For additional information please visit https://www.lifesafeholdingsplc.com .

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

Twitter: https://twitter.com/LifesafeT

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June 05, 2023 02:00 ET (06:00 GMT)

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