REG - LifeSafe Holdings - Final Results
Tue 07:00
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RNS Number : 5138G LifeSafe Holdings PLC 29 April 2025
29 April 2025
LifeSafe Holdings plc
('LifeSafe', the 'Group' or the 'Company')
Final Results for the year ended 31 December 2024
Good progress in executing the strategic plan to profitability
LifeSafe (AIM:LIFS), a fire safety technology business with innovative fire
extinguishing and prevention fluids and fire safety products, reports its
audited Final Results for the year ended 31 December 2024 ('FY24').
Financial and operational highlights are provided immediately below, which
reflect the early stages of the Group's evolution from a pure
direct-to-consumer to a business-to-business-to-consumer ('B2B2C') model, and
partnering with wholesalers to accelerate and expand the distribution of
LifeSafe's technologies. Whilst this B2B2C strategy reduces headline
revenue, margins are much higher, which accelerates the Group's route to
profitability.
Financial highlights
· Revenue reduced to £3.3 million (2023: £5.9 million), reflecting the reduced
gross revenue wholesale distribution model
· Gross margin up to 60.6% (2023: 57.6%), reflecting the reduced fulfilment and
commission charges of the new wholesale model and sales mix to higher margin
products
· Underlying overheads reduced significantly by 40% to £2.9 million (2023:
£4.9 million), largely made up of marketing savings (£1.4 million, a 64%
reduction), warehousing and logistics savings (£0.5 million, a 66% reduction)
and employment costs (£0.2 million, a 17% reduction)
· Underlying loss before interest, tax, depreciation and amortisation(1)
('underlying LBITDA') of £0.7 million, halving the £1.4 million loss
reported in 2023, in line with the Board's internal expectations
· Capitalised product development spend of £0.4 million (2023: £0.4 million)
· Net cash at 31 December 2024 was £0.7 million (31 December 2023: net debt of
£0.2 million), improved by net proceeds of £2.1 million from the equity
fundraisings during the year
Operational highlights
· Industrial partnership and distribution agreement with Lingjack announced in
January 2024 for the supply of LifeSafe's Thermal Runaway Fluid across
Singapore, China, Malaysia, Thailand and Indonesia
· Industrial partnership agreement and contract with Trinity Fire & Security
Systems Ltd announced in May 2024 for the supply of LifeSafe's new range of
fire extinguishers, filled with LifeSafe's new Multi-Purpose Fluid
· Successful completion of an oversubscribed equity fundraising in May 2024,
raising gross proceeds of £2.0 million
( )
Post period highlights
· Purchase order received for 1,000 litres of LifeSafe's Wildfire Pro Fluid to
support the response to the devastating wildfires in Los Angeles
· Receipt of an initial purchase order worth over £100,000 for LifeSafe's new
range of 6-litre fire extinguishers containing LifeSafe's new Thermal Runaway
Fluid which is highly effective at putting out lithium-ion battery fires
· Approvals received from the Philippine Bureau of Fire Protection and Qatar
Civil Defence for LifeSafe's fire extinguishing cylinder featuring LifeSafe's
unique Thermal Runaway Fluid
· Global distribution agreement, for an initial 18-month term, with subsidiary
companies of IDEX Fire & Security for the exclusive supply of LifeSafe's
wholesale and industrial fire extinguishing prevention products into the
professional fire sector, which LifeSafe estimates will generate revenue of
between £6 - 8 million over the next three years
· Launch of LifeSafe's new 6-litre Multi-Purpose Fluid extinguisher by Trinity
Fire & Security marking the start of extending the LifeSafe range into the
traditional cylinder market worth an estimated $9 billion per annum
· Distribution agreement with Artemis AG-Solutions for the supply of LifeSafe's
Multi-Purpose Fluid and Thermal Runaway Fluid into the United States which
LifeSafe estimates will generate revenue in the region of $500,000 over the
next two years
· Distribution agreement with Flame Control BV for the supply of LifeSafe's
range of fire extinguishers and Multi-Purpose Fluid and Thermal Runaway Fluid
in the Netherlands and Benelux, which LifeSafe estimates will generate revenue
in the region of €800,000 over the next two years
(1)Underlying LBITDA represents loss for the year before finance expense, tax,
depreciation and amortisation, and non-underlying items (which comprise
share-based payment charges and other non-underlying items).
( )
Commenting on the Final Results, Dominic Berger, Chairman of LifeSafe, said:
"FY24 was a transitional year for LifeSafe leveraging the successful
direct-to-consumer strategy in 2023 where the StaySafe All-in-1 became a
bestseller on Amazon in the UK which was the catalyst to move to a wholesale
model in the US. Consequently, we have reduced our costs by 43% per our
stated strategy of moving the business to profit. LifeSafe today is an
established brand in the market and with the recent announcement of the IDEX
agreement we are looking forward to 2025 being the year we achieve a
meaningful break out into the wider industry with our unique patented fluids
and new products."
Investor presentation
The Company will also be hosting a presentation for retail investors to
discuss the announcement on Wednesday 30 April 2025 at 5.00pm (BST). Please
email info@lifesafetechnologies.com (mailto:info@lifesafetechnologies.com) to
register your interest.
For further enquiries:
LifeSafe Holdings plc info@lifesafetechnologies.com (mailto:info@lifesafetechnologies.com)
Dominic Berger, Chairman
Neil Smith, CEO
Mike Stilwell, CFO
Zeus (Nominated Adviser & Broker) Tel: +44 (0) 20 3829 5000
David Foreman, Alexandra Campbell-Harris (Investment Banking)
Dominic King (Broking), Emma Ayton (Sales)
Notes to Editors
LifeSafe is a fire safety technology business that develops eco-friendly,
novel and innovative fire extinguishing and prevention 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. 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
(https://www.lifesafeholdingsplc.com/) .
LinkedIn: https://www.linkedin.com/company/lifesafe-technologies
(https://www.linkedin.com/company/lifesafe-technologies)
X (formerly Twitter): https://x.com/LifesafeT (https://x.com/LifesafeT)
Chairman's Statement
Overview
Early in FY24, the Board took steps to address the cost pressures experienced
as LifeSafe scaled during 2023. The Group evolved its US sales model from a
pure direct-to-consumer to a B2B2C model, partnering with wholesalers to
improve LifeSafe's gross and net margins as the direct costs of fulfilment and
commission were removed, in addition to the significant and increasing costs
of digital advertising. As expected, these savings more than outweighed the
reduced revenue the Group received through the new B2B2C model generating a
much-improved operating result.
Through this new delivery model, revenue for FY24 was £3.3 million at a
higher gross margin. Underlying LBITDA(1) was £0.7 million and represents a
significant improvement on the previous year's underlying LBITDA of £1.4
million, in line with our journey to profitability. Overheads were reduced
by £2.1 million (43%) against the prior year, to £2.7 million, with
marketing costs and warehousing and logistics costs in particular decreasing
by 64% and 66% respectively.
Going forward, the Group expects this margin improvement to continue through
an increased mix of wholesale and industrial sales, which add to revenue
without the level of marketing investment or logistics costs inherent with
building a brand through direct-to-consumer channels.
The Board is extremely pleased with the traction the LifeSafe brand has
achieved in the fire safety market since its inception and first product
launch on Amazon Prime in the UK in August 2021. The Group has continued to
make excellent operational and strategic progress during FY24, completing the
development and accreditation of a number of new innovative fluids and
products, and securing strategic industrial development and distribution
partners, in line with the Board's long-term strategy to save lives by driving
innovation and sales of its products globally.
The Group also continued to establish a number of significant partnerships
during the year. In January 2024 we entered into an industrial partnership
and distribution agreement with Lingjack Fire and Life Saving PTY ('Lingjack')
for the supply of LifeSafe's Thermal Runaway Fluid across Singapore, China,
Malaysia, Thailand and Indonesia. This was followed in May 2024 with an
industrial partnership agreement and contract with Trinity Fire & Security
Systems for the supply of LifeSafe's new range of fire extinguishers, filled
with the Group's new Multi-Purpose Fluid. Post year end, all certifications
necessary to begin commercialisation of the products sold through these
partnerships were achieved.
The action taken to improve profitability has been effective and, together
with recently announced further industrial partnerships, has kept the Group on
track in executing its strategy to build a multi-product, multi-channel,
international business capable of delivering significant long-term value for
our shareholders.
Results
During FY24, the Group's revenue reduced to £3.3 million (2023: £5.9
million) as the Board took steps to address the cost pressures experienced as
the business scaled during 2023 and evolved its US sales model from a pure
direct-to-consumer to a B2B2C model.
In line with the new sales model, gross margin improved to 60.6% (2023: 57.6%)
as the direct costs of fulfilment and sales commission were removed. Gross
profit decreased to £2.0 million (2023: £3.4 million) in line with the
revenue reduction and was more than offset by the overhead savings linked to
the evolved US sales model.
The Group made an underlying loss before tax(1) of £1.0 million (2023: £1.6
million). After charging £0.1 million in non-underlying costs largely in
relation to share-based payment charges (2023: £0.6 million), the loss before
tax for the year was £1.1 million (2023: £2.2 million). Underlying
LBITDA(2) was £0.7 million (2023: £1.4 million).
Net cash at 31 December 2024 was £0.7 million (31 December 2023: net debt of
£0.2 million) benefiting from the £2.1 million equity fundraising during
2024.
(1) Underlying loss before tax of £1.0 million is before non-underlying items
of £0.1 million (2023: underlying loss before tax of £1.6 million is before
non-underlying items of £0.6 million).
(2) Underlying LBITDA of £0.7 million is loss before tax, before net finance
expense of £19,000, depreciation and amortisation of £0.2 million, and
non-underlying items of £0.1 million (2023: underlying LBITDA of £1.4
million is loss before tax, before finance expense of £0.1 million,
depreciation and amortisation of £0.1 million, and non-underlying items of
£0.6 million).
Placing, share subscription and retail offer of shares
May 2024 saw the successful completion of an oversubscribed equity
fundraising, raising gross proceeds of £2.0 million. It was particularly
pleasing that this included a number of new institutional investors attracted
by the progress made and future potential of LifeSafe's market penetration.
We are grateful for the support of both new and existing shareholders, whose
investment is being used to maximise the business opportunity in front of us.
People
I would like to once again place on record my sincere thanks for the
commitment and resilience of our small but dedicated team who continue to
drive the pace of our commercial and operational growth.
Research and development, technology and intellectual property
Further to the launch in December 2023 of our Thermal Management Fluid, a
unique, non-conductive coolant fluid designed specifically to prevent thermal
runaway in battery packs, and our Wildfire Pro Fluid, a non-toxic and
fluorine-free wildfire fluid engineered to suppress, extinguish and prevent
the spread of devastating wildfires, the Group continued to develop its
focussed product offering during the year in line with direct customer
feedback with a number of exciting new initiatives currently being tested and
certified.
All LifeSafe's fire extinguishing and coolant fluids are fluorine-free,
non-toxic, and non-hazardous, and are specifically designed to meet the
requirements of the individual application and address new fire challenges
posed by new technology, legislative change and environmental concerns.
LifeSafe's intellectual property is protected through the grant of one patent
and patent applications for seven further fluid derivations across the UK and
internationally. The Board recognises the importance of protecting its
intellectual property and rigorously guards its innovation. The Group
employs an intellectual property attorney to protect its interests and has
intellectual property defence and pursuit insurance to protect its
investments.
Strategic partnerships
In January 2024, the Group announced the signing of a distribution agreement
for the supply of our Thermal Runaway Fluid to Lingjack, a substantial Asian
fire safety business located in Singapore. The distribution agreement
represents a major growth opportunity for LifeSafe, providing a new and
incremental revenue opportunity, as well as expansion into a significant
territory. The initial stages of the exclusive agreement will see LifeSafe's
Thermal Runaway Fluid added to Lingjack's range of fire extinguishers and
fixed suppression systems across Singapore, China, Malaysia, Thailand and
Indonesia.
In addition, in May 2024, we announced the signing of a contract for the
supply of our new range of fire extinguishers and Multi-Purpose Fluid with
Trinity Fire Safety & Security, a business with annual turnover exceeding
£60 million and over 2,000 customers, providing fire safety equipment and
services across multiple sectors to customers including the Ministry of
Defence, NHS, IKEA, Mitie, CBRE, John Lewis, Selfridges and Heathrow Airport.
Post the year-end, in January 2025, we received a purchase order for 1,000
litres of our Wildfire Pro Fluid to support the response to the devastating
wildfires in Los Angeles.
In addition, in February 2025 we received an initial purchase order worth over
£100,000 for 600 of LifeSafe's new range of 6-litre fire extinguishers
containing LifeSafe's unique new extinguishing fluid which is highly effective
at putting out lithium-ion battery fires. The orders were driven by demand
from a global battery manufacturing and electronics company and a
world-leading marine corporation to protect against the threat of lithium-ion
battery fires, reinforcing essential safety measures in critical environments
where every second counts.
In March 2025 we signed an exclusive global distribution agreement, for an
initial 18-month term, with subsidiary companies of IDEX Fire & Security
for the exclusive global supply of LifeSafe's wholesale and industrial fire
extinguishing prevention products into the professional fire sector. The
Board estimates this will generate revenue of between £6 - 8 million over the
next three years.
In April 2025 we announced the launch of LifeSafe's new 6-litre Multi-Purpose
Fluid extinguisher by Trinity Fire & Security following the commencement
of a partnership in May 2024. This marked the start of extending the
LifeSafe range into the traditional cylinder market worth an estimated $9
billion per annum.
In the same month we also signed a distribution agreement with Artemis for the
supply of LifeSafe's Multi-Purpose Fluid and Thermal Runaway Fluid into the
United States. The Board estimates this will generate revenue in the region
of $500,000 over the next two years.
Later in the month we signed a distribution agreement with Flame Control BV
for the supply of LifeSafe's Multi-Purpose Fluid and Thermal Runaway Fluid on
an exclusive basis in the Netherlands and Benelux. The Board estimates this
will generate revenue in the region of €800,000 over the next two years.
Outlook
At LifeSafe's inception in 2021, and its subsequent first product launch in
August of that year, the strategic vision we set out to achieve was to become
a recognised global industry leader within fire safety. We aimed to achieve
our vision through the creation, testing and accrediting of a range of fire
extinguishing and prevention fluids and products which would address the
anticipated structural drivers of change within the worldwide fire industry -
legislative change; new technology and increasing environmental concerns.
We started our journey by building the awareness of the LifeSafe brand and
products through a Digital First strategy. This successfully stimulated
demand and created advocacy for the effectiveness of LifeSafe's products, both
key factors in attracting new wholesale distribution partners.
The announcement in March 2025 of the global distribution agreement with IDEX
Corporation, an S&P 500 company with annual revenue of $3.3 billion, is a
tremendous acknowledgement of the LifeSafe business and our current and future
product pipeline. This exclusive global supply of LifeSafe's wholesale and
industrial fire extinguishing and prevention fluids and products into the
professional fire sector brings together IDEX's global reach and experience
and LifeSafe's groundbreaking fluids and products. The Board expects this
agreement will rapidly open up new territories and market sectors for the
Company's products.
The Board believes this is just the beginning of LifeSafe's journey in the
industrial B2B channel as the strategic vision set out in 2021 now
materialises.
The need for highly effective products, and demand for environmentally
friendly fluids in substantial addressable markets, are all factors that point
to significant opportunities for LifeSafe, its partners and shareholders. To
that end, the Board and I look to the future with confidence.
Dominic Berger
Executive Chairman
Consolidated statement of comprehensive income
For the year ended 31 December 2024
2024 2023
Non-underlying items (note 4) Non-underlying items
Before non-underlying items Before non-underlying items (note 4)
Total Total
Note £000 £000 £000 £000 £000 £000
Revenue 3 3,257 - 3,257 5,879 - 5,879
Cost of sales (1,282) - (1,282) (2,490) - (2,490)
Gross profit 1,975 - 1,975 3,389 - 3,389
Administrative expenses 4 (2,934) (107) (3,041) (4,912) (595) (5,507)
Loss from operations (959) (107) (1,066) (1,523) (595) (2,118)
Finance income 5 7 - 7 - - -
Finance expense 6 (26) - (26) (93) - (93)
Loss before tax (978) (107) (1,085) (1,616) (595) (2,211)
Taxation 7 125 - 125 (7) - (7)
Loss for the year (853) (107) (960) (1,623) (595) (2,218)
Other comprehensive income
Total other comprehensive income - - - - - -
Total comprehensive expense (853) (107) (960) (1,623) (595) (2,218)
Basic and diluted loss per share (pence) 8 (2.4) (9.5)
All amounts relate to continuing activities.
Consolidated statement of financial position
As at 31 December 2024
As at As at
31 December 31 December 2023
2024 £000
Note £000
Non-current assets
Intangible assets 1,005 788
Property, plant and equipment 14 11
1,019 799
Current assets
Inventories 377 626
Trade and other receivables 9 842 1,068
Cash and cash equivalents 10 748 60
1,967 1,754
Total assets 2,986 2,553
Current liabilities
Trade and other payables 11 (543) (896)
Borrowings 12 (88) (220)
(631) (1,116)
Non-current liabilities
Borrowings 12 (3) (11)
(3) (11)
Total liabilities (634) (1,127)
Net assets 2,352 1,426
Equity attributable to equity holders of the Parent
Called up share capital 13 479 272
Shares to be issued reserve 13 - 103
Share premium account 13 7,122 5,431
Share-based payment reserve 1,317 1,360
Accumulated losses (6,566) (5,740)
Total equity 2,352 1,426
Consolidated statement of changes in equity
For the year ended 31 December 2024
Share-based payment
Shares to be issued reserve Share reserve
Share £000 premium £000 Accumulated Total equity
capital account losses £000
£000 £000 £000
Balance at 1 January 2023 221 - 4,152 857 (3,522) 1,708
Comprehensive income
Loss for the year - - - - (2,218) (2,218)
Share-based payments - - - 503 - 503
Transactions with owners:
Shares issued for cash 51 - 1,455 - - 1,506
Shares to be issued - 103 - - - 103
Share issue costs - - (176) - - (176)
Balance at 31 December 2023 272 103 5,431 1,360 (5,740) 1,426
Balance at 1 January 2024 272 103 5,431 1,360 (5,740) 1,426
Comprehensive income
Loss for the year - - - - (960) (960)
Share-based payments - - - (43) 134 91
Transactions with owners:
Shares issued for cash 207 - 1,897 - - 2,104
Shares to be issued - (103) - - - (103)
Share issue costs - - (206) - - (206)
Balance at 31 December 2024 479 - 7,122 1,317 (6,566) 2,352
Consolidated statement of cash flows
For the year ended 31 December 2024
Year ended Year ended
31 December
31 December
2024 2023
Note
£000 £000
Cash flows from operating activities
Loss before taxation from continuing activities (1,085) (2,211)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment 2 2
Amortisation of intangible assets 217 130
Equity-settled share-based payments 4 92 503
Finance income 5 (7)
Finance expense 6 26 93
Operating cash flows before movements in working capital (755) (1,483)
Decrease/(increase) in inventories 250 (184)
Increase in trade and other receivables 9 (90) (211)
Decrease in trade and other payables and provisions 11 (311) (179)
Cash used in operations (906) (2,057)
Corporation tax received 90 169
Net cash used in operating activities (816) (1,888)
Cash flows used in investing activities
Purchase of property, plant and equipment (5) (3)
Purchase of intangibles (434) (435)
Interest received 7 -
Net cash used in investing activities (432) (438)
Cash flows from financing activities
Shares issued for cash (net of expenses) 13 2,096 1,114
Proceeds from borrowings 12 114 893
Repayment of borrowings 12 (248) (694)
Loan interest paid 6 (15) (91)
Other interest paid 6 (11) (2)
Net cash generated by financing activities 1,936 1,220
Net increase/(decrease) in cash and cash equivalents 688 (1,106)
Cash and cash equivalents at the beginning of the year 60 1,166
Cash and cash equivalents at the end of the year 10 748 60
Notes
1. General information
These consolidated financial statements were approved by the Board of
Directors on 28 April 2025.
2. Basis of preparation
The auditors have issued an unqualified opinion on the full financial
statements for the year ended 31 December 2024 which will be made available
for shareholders and delivered to the Registrar of Companies in due course.
The financial information in this announcement for the years ended 31
December 2024 and 2023 does not constitute statutory financial statements
within the meaning of Section 434 of the Companies Act 2006. The information
contained within this announcement for the year ended 31 December 2024 has
been extracted from the audited financial statements which have been prepared
in accordance with International Financial Reporting Standards ('IFRS') as
endorsed by the United Kingdom ('adopted IFRS'), and those parts of the
Companies Act 2006 applicable to companies reporting under IFRS. They have
been prepared using the historical cost convention except where the
measurement of balances at fair value is required. The information in this
preliminary statement has been extracted from the audited financial statements
for the year ended 31 December 2024 and, as such, does not contain all the
information required to be disclosed in the financial statements prepared in
accordance with IFRS.
3. Revenue from contracts with customers
Two customers (2023: none) each made up more than 10% or more of revenue in
the year ending 31 December 2024 at 33.6% and 23.9% respectively.
Management considers revenue derives from one business stream being the sale
of fire extinguishing and related products.
Geographical reporting Year ended Year ended
31 December 2024 31 December 2023
£000 £000
United Kingdom 597 1,552
North America 2,579 4,306
Europe 60 21
Rest of the World 21 -
3,257 5,879
No revenue has been recognised in the year from deferred income as at 31
December 2023.
4. Non-underlying items
Year ended Year ended
31 December 2024 31 December 2023
£000 £000
Share-based payment charges 92 503
Other non-underlying costs 15 92
Within administrative expenses 107 595
Share-based payment charges
The net charge recognised for the year in relation to share-based payments
amounted to £92,000 (2023: £503,000). This comprised charges in relation
to the year of £151,000 and credits in relation to the forfeiture of unvested
share awards of £59,000.
Other non-underlying costs
Other non-underlying costs of £15,000 have been recognised in the year in
relation to aborted fundraise costs (2023: £92,000 in relation to employment
termination costs).
5. Finance income
Year ended Year ended
31 December 2024 31 December 2023
£000 £000
Interest on bank deposits 4 -
Other interest receivable 3 -
7
6. Finance expense
Year ended Year ended
31 December 2024 31 December 2023
£000 £000
Interest on bank loans 1 1
Interest on other loans 14 90
Other interest payable 11 2
26 93
7. Taxation
A tax credit of £125,000 (2023: tax charge £7,000) has been recognised
arising from the surrender of taxable losses for a research and development
tax credit in the year, together with an adjustment of the previous year's
estimate of the research and development tax credit for that year to the
actual credit received.
8. Loss per share
Loss per share is calculated as follows:
Year ended Year ended
31 December 2024 31 December 2023
Basic and diluted loss per share (pence) (2.4) (9.5)
The calculations of basic and diluted loss per share are based upon:
Loss for the year attributable to owners of the Parent (£000) (960) (2,218)
Weighted average number of ordinary shares (number) 39,600,397 23,374,334
The calculation of the basic loss per share is based on the results
attributable to ordinary shareholders divided by the weighted average number
of shares in issue during the year.
The weighted average number of shares in issue is used as the denominator in
the calculating basic loss per share. As the Group is loss making the effect
of instruments that convert into ordinary shares is considered anti-dilutive,
hence there is no difference between the diluted and non-diluted loss per
share.
9. Trade and other receivables
31 December 2024 31 December 2023
£000 £000
Amounts falling due within one year:
Trade receivables 609 9
Other receivables 27 458
Taxation and social security 110 468
Prepayments and accrued income 96 133
842 1,068
The increase in trade receivables at 31 December 2024 largely reflects the
settlement terms associated with the new US distributor model adopted during
the year.
Other receivables at 31 December 2023 included £375,000 in respect of monies
due from shareholders in relation to the placing and subscription of shares in
December 2023, the majority of which had been received by the Company's Broker
and Nominated Advisor but not yet transferred to the Company at the year end.
These funds were received in January 2024.
The decrease in taxation and social security largely reflects the absence of a
delayed VAT refund at the end of FY24 compared to 2023.
10. Cash and cash equivalents
31 December 2024 31 December 2023
£000 £000
Cash at bank available on demand 748 60
748 60
11. Trade and other payables
31 December 2024 31 December 2023
£000 £000
Amounts falling due within one year:
Trade payables 80 432
Other payables 34 12
Accruals 270 231
Deferred income from contracts with customers 115 -
Other taxation and social security 44 221
543 896
12. Borrowings
31 December 2024 31 December 2023
£000 £000
Current:
Bank loans 8 8
Other loans 80 212
Non-current:
Bank loans 3 11
91 231
A maturity analysis of the Group's borrowings is shown below:
31 December 2024 31 December 2023
£000 £000
Less than 1 year 88 220
Later than 1 year and less than 5 years 3 11
Bank loans comprise a Coronavirus Bounce Back Loan Scheme loan provided by
HSBC. The loan was taken out in May 2020 and matures five years after this
date. The loan incurs interest of 2.5%.
Other loans comprise monies to fund certain of the Group's annual insurance
costs. The annual insurance cost loans are repayable in equal monthly
instalments to 2 July 2025 at an interest rate of 7%.
13. Share capital and share premium account
Share capital 31 December 2024 31 December 2023
£000 £000
Allotted, called up and fully paid
Ordinary shares of £0.01 each 479 272
479 272
Share capital 31 December 2024 31 December 2023
£000 £000
Allotted, called up and fully paid
Opening share capital 272 221
Shares issued 207 51
Closing share capital 479 272
Shares to be issued reserve 31 December 2024 31 December 2023
£000 £000
Shares to be issued reserve
Opening balance 103 -
Shares committed to be issued - 103
Shares issued (103) -
Closing balance - 103
At 31 December 2023, total consideration due on 645,125 shares committed to be
issued by the Company amounted to £103,220. These shares were issued in
January 2024.
Share premium account 31 December 2024 31 December 2023
£000 £000
Share premium account
Opening balance 5,431 4,152
Shares issued 1,897 1,455
Share issue costs (206) (176)
Closing balance 7,122 5,431
Called up share capital
Called up share capital represents the nominal value of shares that have been
issued. All classes of shares have full voting, dividends, and capital
distribution rights.
Year ending 31 December 2024
On 14 May 2024, the Company announced a proposed placing and share
subscription at £0.10 per share to raise approximately £1.6 million and
£0.1 million respectively, and up to £0.3 million through a retail offer.
The proposed placing resulted in the issue of 16,050,000 shares on 31 May
2024, raising gross proceeds of £1.6 million. The share subscription
resulted in the issue of 950,000 shares on 31 May 2024, raising gross proceeds
of £0.1 million. The retail offer resulted in the issue of 3,000,000 shares
on 31 May 2024, raising gross proceeds of £0.3 million.
In total 20,000,000 shares were issued through the placing, share subscription
and retail offer, raising gross proceeds of £2.0 million and taking the
number of shares in issue to 47,875,983. The costs of issue amounted to
£0.2 million.
Year ending 31 December 2023
On 3 August 2023, the Company announced a proposed placing and share
subscription at £0.37 per share to raise approximately £0.94 million and
£0.14 million respectively, and up to £0.25 million through a retail offer.
The proposed placing was conducted in two tranches and resulted in the issue
of 1,637,565 shares on 9 August 2023 and 936,900 on 22 August 2023, raising
gross proceeds of £0.95 million. The share subscription resulted in the
issue of 378,378 shares on 9 August 2023 raising gross proceeds of £0.14
million. The retail offer resulted in the issue of 315,090 shares on 25
August 2023 raising gross proceeds of £0.12 million.
In total 3,267,933 shares were issued through the placing, share subscription
and retail offer, raising gross proceeds of £1.21 million and taking the
number of shares in issue to 25,375,983. The costs of issue amounted to
£0.13 million.
On 21 December 2023, the Company announced a proposed placing and share
subscription at £0.16 per share to raise approximately £0.37 million and
£0.03 million respectively.
The proposed placing was conducted in two tranches and resulted in the issue
of 1,729,875 shares on 29 December 2023 and 582,625 on 16 January 2024,
raising gross proceeds of £0.37 million. The share subscription resulted in
the issue of 125,000 shares on 29 December 2023 and 62,500 shares on 3 January
2024, raising gross proceeds of £0.03 million. At 31 December 2023 the
Company's Broker and Nominated Advisor held irrevocable placing and
subscription letters covering the entire raise.
At 31 December 2023, the Company was owed £375,000 in respect of monies due
from shareholders in relation to the placing and subscription, the majority of
which had been received by the Company's Broker and Nominated Advisor but not
yet transferred to the Company at the year end. The Company was committed to
issuing 645,125 shares for consideration of £103,220.
In total 2,500,000 shares were issued through the placing and share
subscription, raising gross proceeds of £0.4 million and taking the number of
shares in issue to 27,230,858 at 31 December 2023 and 27,875,983 in total.
The costs of issue amounted to £0.13 million.
14. Post balance sheet events
There are no material post balance sheet events requiring disclosure.
15. Full financial statements
The auditors have issued an unqualified opinion on the full financial
statements for the year ended 31 December 2024 which will be made available
for shareholders and delivered to the Registrar of Companies in due course.
Further copies of these results, and the full financial statements when
published, will be available on the LifeSafe Holdings plc investor relations
website, www.lifesafeholdingsplc.com (http://www.lifesafeholdingsplc.com) .
- Ends -
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