REG - LifeSafe Holdings - Interim Results
30/09/2024 07:00
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RNS Number : 1608G LifeSafe Holdings PLC 30 September 2024
30 September 2024
LifeSafe Holdings plc
('LifeSafe', the 'Group' or the 'Company')
Interim Results for the six months ended 30 June 2024
Significant strategic progress, margin improvement and overhead savings
LifeSafe (AIM:LIFS), a fire safety technology business with innovative fire
extinguishing and prevention fluids and fire safety products, reports its
unaudited Interim Results for the six months ended 30 June 2024 ('H1 2024' or
the 'Period').
Financial highlights:
· Significant progress executing the Company's strategic plan, focusing on
driving profitability and positive cash generation through the evolution of
the Group's pure B2C to a B2B2C model, partnering with wholesalers to improve
LifeSafe's gross and net margins
· Significant savings achieved at the gross margin level driven by reduced
fulfilment and commission charges
· Revenue reduced to £1.6 million (H1 2023: £2.9 million), reflecting the
reduced gross revenue distribution model, but slightly ahead of the Board's
internal budgets
· Gross margin of 66.0% (H1 2023: 57.8%), an 820bps improvement year-on-year,
reflective of the new B2B2C model and sales mix to higher margin products
· Underlying administrative expenses reduced significantly to £1.6 million (H1
2023: £2.5 million) with savings of over £0.9 million (36%) in overheads,
largely made up of marketing savings (£0.6 million or 52%) and warehousing
and logistics savings (£250,000 or 73%)
· Underlying loss before interest, tax, depreciation and amortisation(1)
('underlying LBITDA') of £436,000 (H1 2023: £760,000), slightly ahead of the
Board's internal budgets
· Capitalised product development spend of £235,000 (H1 2023: £161,000)
· Net cash at 30 June 2024 was £1.1 million (31 December 2023: net debt of
£171,000), improved by net share issue proceeds of £2.1 million during the
period
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:
· First purchase order received for the launch of the new LifeSafe cannisters in
North America
· First purchase orders received for the StaySafe All-in-1 product in the
Australian, Canadian and Republic of Ireland consumer markets
(1) Underlying LBITDA represents loss for the period before finance expense,
tax, depreciation and amortisation, and non-underlying items.
Commenting on the Interim Results, Dominic Berger, Chairman of LifeSafe, said:
"The investment in our direct-to-consumer marketing campaigns successfully
enhanced our brand awareness in 2023, particularly in the US, in turn enabling
us to accelerate our transition to a more profitable distribution model. These
interim results highlight the positive impact of this strategy, with a
significant reduction in costs and improved margins, bringing us closer to
profitability.
"Alongside our consumer channel, the team have been developing our range of
cylinders and fluids. I'm pleased to report that we are now seeing significant
orders coming through. With changes in legislation, heightened environmental
focus, and because our fluids address multiple fire types, we are very
optimistic about the growth opportunities in these new markets, supported by
our well-established partner networks which we continue to work with to drive
growth."
Investor presentation
A virtual meeting for sell-side analysts will be held at 12.30pm today.
Please contact info@lifesafetechnologies.com if you wish to join the meeting.
The Company will also be hosting an online presentation for retail investors
to discuss the announcement on 1 October 2024 at 5.00pm. Please email
info@lifesafetechnologies.com to register your interest.
For further enquiries:
LifeSafe Holdings plc
Dominic Berger, Chairman info@lifesafet (mailto:info@lifesafetechnologies.com) echnologies
(mailto:info@lifesafetechnologies.com) .com
(mailto:info@lifesafetechnologies.com)
Neil Smith, CEO
Mike Stilwell, CFO
Zeus (Nominated Adviser & Broker) Tel: +44 (0) 20 3829 5000
David Foreman, Alexandra Campbell-Harris (Investment Banking)
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: the StaySafe All-in-1, a
handheld eco-friendly and fully recyclable fire extinguisher which is verified
to extinguish ten different types of fire; a new patent-pending Thermal
Runaway Fluid to combat lithium battery fires by permanently extinguishing and
preventing re-ignition; and a new Thermal Management Fluid which prevents
ignition in the first place. LifeSafe is successfully creating new markets
for the Group in fire safety and protection 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://twitter.com/LifesafeT)
Chairman's statement
Business review
I am delighted to report on the continued strong operational and strategic
progress made by the Group in H1 2024, just over two years since the Group was
admitted to AIM and the commercialisation of LifeSafe's core product
containing our proprietary fire extinguishing fluid.
Earlier this year, the Board took steps to address the cost pressures
experienced as LifeSafe scaled at pace during 2023. The Group evolved its US
sales model from a pure B2C to a B2B2C model, partnering with wholesalers to
improve LifeSafe's gross and net margins. Significant savings have been made
at the gross margin level, through reduced fulfilment and commission charges,
while overheads decreased through reduced marketing and logistics costs.
This enabled us to achieve a higher gross margin on lower revenue, reflecting
the new distribution relationship in the US. Overheads were reduced by £0.9
million (36%), with marketing costs in particular decreasing by more than 50%
and warehousing and logistics costs more than 70% lower.
As a result, LBITDA improved significantly in H1 2024 to a loss of £436,000
(H1 2023: £760,000), slightly ahead of the Board's internal budgets and in
line with our journey to profitability.
Our industrial partnerships continue to progress well. As previously
mentioned, these arrangements are key to achieving enhanced margins through
bulk fluid supply via international distribution agreements, which avoid many
of the costs associated with the direct-to-consumer supply model.
H1 2024 also marked several commercial milestones for LifeSafe. The Group
received its first purchase order linked to the launch of the new LifeSafe
cannisters in North America; it also received its first purchase orders for
the StaySafe All-in-1 for the Australian, Canadian and Republic of Ireland
consumer markets.
The Board has acted decisively to address the short-term cost headwinds that
impacted the Group's financial performance in 2023. Looking ahead, the Board
expects further improvements to margins through an increased mix of wholesale
and industrial sales. The Group remains on track in executing its strategy
to build a multi-product, multi-channel, international business, capable of
delivering significant long-term value for its shareholders.
Results
In line with the Board's expectations, LifeSafe's revenue for H1 2024 reduced
to £1.6 million (H1 2023: £2.9 million) as a result of moving to a new
distribution relationship in the US market.
Gross profit in H1 2024 reduced to £1.1 million (H1 2023: £1.7 million)
reflecting a significantly improved gross margin of 66.0% (H1 2023: 57.8%) due
to savings on fulfilment and commission charges achieved through the new US
distribution relationship.
Notably, underlying administrative expenses for H1 2024 saw a material
reduction to £1.6 million (H1 2023: £2.5 million), the most significant
savings being made in marketing (£0.6 million or 52%) and warehousing and
logistics (£250,000 or 73%), again, arising from the new US distribution
relationship.
As a result, the Group's underlying loss before interest, tax, depreciation
and amortisation(1) ('LBITDA') was significantly reduced to £436,000 (H1
2023: £760,000), before non-underlying share-based payment charges of
£75,000 (H1 2023: £413,000). The underlying loss before tax(2) was
£563,000 (H1 2023: £849,000).
The basic and diluted earnings per share were (2.0) pence (H1 2023: (5.9)
pence).
Cash and cash equivalents as at 30 June 2024 was £1.1 million (31 December
2023: £60,000) improved by share issue proceeds of £2.1 million. Net cash
at 30 June 2024 was £1.1 million (31 December 2023: net debt £171,000).
Inventory at 30 June 2024 was £444,000 (31 December 2023: £626,000)
reflecting previously procured stock to satisfy expected demand in Q4 2023
being sold through.
Trade and other receivables at 30 June 2024 were £658,000 (31 December 2023:
£1.1 million, which included £375,000 in respect of monies due from
investors in relation to the placing and subscription of shares in December
2023 and a significant VAT debtor of £422,000).
Trade and other payables at 30 June 2024 were £455,000 (31 December 2023:
£896,000), the reduction reflecting the offset of increased tax owing against
the VAT debtor at the year-end.
Borrowings at 30 June 2024 significantly reduced to £14,000 and related to a
Coronavirus Bounce Back Loan (31 December 2023: £231,000 relating to a
Coronavirus Bounce Back Loan, loans for the Company's annual insurance premia
and a supplier invoice finance facility).
(1) Underlying LBITDA represents loss for the period before finance expense,
tax, depreciation and amortisation, and non-underlying items.
(2) Underlying loss before tax represents loss for the period before tax and
non-underlying items.
Placing, share subscription and retail offer of shares
In May 2024, the Company successfully completed an equity placing,
subscription, and retail offer, raising gross proceeds of £2.0 million.
We are grateful for the support of both new and existing shareholders, whose
investment will be used to maximise the business opportunity in front of us.
Research and development, technology and intellectual property
The Group has continued the development of its innovative new products and
fluid derivatives through its existing industrial partnerships and in response
to new industry demand.
Capitalised expenditure on technology development during the Period amounted
to £235,000 (H1 2023: £161,000).
As previously announced, the Group has developed fluorine-free derivatives of
its existing fluids, in response to European legislation, effective from July
2025, which will prohibit the use of fire-fighting foam containing
perfluorooctanoic acid ('PFOA'). This follows similar legislation in North
America and Australia. The global market for these soon-to-be banned foam
extinguishers is valued at $1 billion annually (source: Grandview Research),
representing a significant growth opportunity for LifeSafe.
Outlook
We are pleased to report that the evolution of the Group's B2C strategy
towards a B2B2C model in the US has significantly improved gross margins and
reduced overheads in the first half of 2024. This reinforces the Board's
confidence that LifeSafe can achieve profitability at lower volumes than under
the previous direct-to-consumer model.
We remain focused on enhancing our consumer proposition at this improved
margin by expanding our product range, entering new territories, and
increasing distribution channels, particularly complementary to digital. Our
focus remains on increasing profitability and cash generation of the Group.
In parallel, we continue to make excellent progress with our industrial and
wholesale partners in the development and distribution of our new fluids.
Working with large industry leaders inevitably takes time and investment,
but it is through this evolution that we will unlock long-term value for our
shareholders and position LifeSafe as a recognised leader in fluid technology.
Our recent fundraise has provided us with the necessary resources to continue
executing this plan and our path toward profitability. Once again, I'd like to
extend my gratitude to both our new and existing shareholders for their
support and we as a Board look forward to a successful and profitable
future.
Dominic Berger
Executive Chairman
29 September 2024
Consolidated statement of comprehensive income
For the six months ended 30 June 2024
(Unaudited) (Unaudited) (Audited)
Six months ended 30 June 2024 Six months ended 30 June 2023 Year ended 31 December 2023
Note Non-underlying items Non-underlying items Non-underlying items (note 5)
Before non-underlying items (note 5) Before non-underlying items (note 5) Before non-underlying items £000
£000 £000 £000 £000 £000
Total Total Total
£000 £000 £000
Revenue 3 1,607 - 1,607 2,890 - 2,890 5,879 - 5,879
Cost of sales (546) - (546) (1,220) - (1,220) (2,490) - (2,490)
Gross profit 1,061 - 1,061 1,670 - 1,670 3,389 - 3,389
Administrative expenses (1,608) (75) (1,683) (2,496) (413) (2,909) (4,912) (595) (5,507)
Loss from operations (547) (75) (622) (826) (413) (1,239) (1,523) (595) (2,118)
Finance expense (net) 6,5 (16) - (16) (23) - (23) (93) - (93)
Loss before tax (563) (75) (638) (849) (413) (1,262) (1,616) (595) (2,211)
Taxation 7 - - - (52) - (52) (7) - (7)
Loss for the period (563) (75) (638) (901) (413) (1,314) (1,623) (595) (2,218)
Other comprehensive income
Total other comprehensive income - - - - - - - - -
Total comprehensive expense (563) (75) (638) (901) (413) (1,314) (1,623) (595) (2,218)
Basic and diluted loss per share (pence) 8 (2.0) (5.9) (9.5)
All amounts relate to continuing activities.
Consolidated statement of financial position
As at 30 June 2024
Note
(Unaudited) (Unaudited) (Audited)
30 June 2024 £000
30 June 2023 £000
31 Dec 2023 £000
Non-current assets
Intangible assets 914 580 788
Property, plant and equipment 10 12 11
924 592 799
Current assets
Inventories 444 1,025 626
Trade and other receivables 9 658 436 1,068
Cash and cash equivalents 10 1,103 24 60
2,205 1,485 1,754
Total assets 3,129 2,077 2,553
Current liabilities
Trade and other payables 11 (455) (782) (896)
Borrowings 12 (7) (449) (220)
Other provisions - (24) -
(462) (1,255) (1,116)
Non-current liabilities
Borrowings 12 (7) (15) (11)
(7) (15) (11)
Total liabilities (469) (1,270) (1,127)
Net assets 2,660 807 1,426
Equity attributable to equity holders of the Parent
Called up share capital 13 479 221 272
Shares to be issued reserve - - 103
Share premium account 14 7,124 4,152 5,431
Share-based payment reserve 14 1,435 1,270 1,360
Accumulated losses 14 (6,378) (4,836) (5,740)
Total equity 2,660 807 1,426
Consolidated statement of changes in equity
For the six months ended 30 June 2024
Shares to be issued reserve Share Share-based payment
Share £000 premium reserve Accumulated Total equity
capital account £000 losses £000
£000 £000 £000
Balance at 1 January 2023 (Audited) 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 (Audited) 272 103 5,431 1,360 (5,740) 1,426
Balance at 1 January 2024 (Audited) 272 103 5,431 1,360 (5,740) 1,426
Comprehensive income
Loss for the period - - - - (638) (638)
Share-based payments - - - 75 - 75
Transactions with owners:
Shares issued for cash 200 - 1,800 - - 2,000
Shares to be issued 7 (103) 96 - - -
Share issue costs - - (203) - - (203)
Balance at 30 June 2024 (Unaudited) 479 - 7,124 1,435 (6,378) 2,660
Consolidated statement of cash flows
For the six months ended 30 June 2024
(Unaudited) (Unaudited) (Audited) Year ended
Six months ended
Six months ended
31 Dec 2023 £000
30 June 2024 £000
30 June 2023 £000
Note
Cash flows from operating activities
Loss before taxation from continuing operations (638) (1,262) (2,211)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment 1 1 2
Amortisation of intangible assets 110 65 130
Equity-settled share-based payments 75 413 503
Finance expense (net) 16 22 93
Operating cash flows before movements in working
capital (436) (761) (1,483)
Decrease/(increase) in inventories 182 (520) (184)
Decrease/(increase) in trade and other receivables 74 67 (211)
Decrease in trade and other payables (399) (218) (179)
Cash used in operations (579) (1,432) (2,057)
Corporation tax received - 81 169
Net cash used in operating activities (579) (1,351) (1,888)
Cash flows used in investing activities
Purchase of property, plant and equipment - (4) (3)
Purchase of intangibles (235) (161) (435)
Interest received 3 - -
Net cash used in investing activities (232) (165) (438)
Cash flows from financing activities
Shares issued for cash (net of expenses) 2,082 - 1,114
Proceeds from borrowings - 505 893
Repayment of borrowings (210) (118) (694)
Loan interest paid (12) (13) (91)
Other interest paid (6) - (2)
Net cash generated by financing activities 1,854 374 1,220
Net increase/(decrease) in cash and cash equivalents 1,043 (1,142) (1,106)
Cash and cash equivalents at the beginning of period 60 1,166 1,166
Cash and cash equivalents at the end of period 10 1,103 24 60
Notes to the unaudited condensed interim consolidated financial statements
1. General information
These interim consolidated financial statements were approved by the Board of
Directors on 30 September 2024.
2. Basis of preparation
These unaudited interim consolidated financial statements of the Group are for
the six months ended 30 June 2024.
The condensed interim consolidated financial statements for the six months to
30 June 2024 do not include all the information and disclosures required in
the annual financial statements and have not been audited or reviewed by an
auditor pursuant to the Auditing Practices Board guidance on Review of Interim
Financial Information. However, selected explanatory notes are included to
explain events and transactions that are significant for an understanding of
the changes in the Group's financial position and performance in the period.
The condensed interim consolidated financial statements for the six months to
30 June 2024 have been prepared on the basis of the accounting policies
expected to be adopted for the year ending 31 December 2024. These
accounting policies are drawn up in accordance with adopted International
Accounting Standards ('IAS') and International Financial Reporting Standards
('IFRS') as issued by the International Accounting Standards Board and adopted
by the EU.
AIM-listed companies are not required to comply with IAS 34 'Interim Financial
Reporting' and accordingly the Company has taken advantage of this exemption.
3. Revenue from customers
Geographic reporting (Unaudited) (Unaudited) (Audited)
Six months
Six months
Year
ended
ended
ended
30 June 2024 30 June 2023
£000
£000 31 Dec 2023
£000
Revenue
United Kingdom 367 806 1,552
North America 1,178 2,067 4,306
Europe 47 17 21
Rest of the World 15 - -
1,607 2,890 5,879
During H1 2024, the Group evolved its US sales model from a pure B2C to a
B2B2C model, partnering with wholesalers to improve LifeSafe's gross and net
margins through avoiding direct fulfilment and commission costs, as well as
reducing the significant digital advertising expenses associated with selling
directly through digital channels. As a result, the Group's revenue has
decreased alongside significantly reduced costs.
4. Segmental reporting
The Chief Operating Decision Maker ('CODM') has been determined to be the
Board of Directors. The CODM reviews the Group's internal reporting in order
to assess performance and allocate resources. The CODM has determined that
there is one single operating segment being the sale of fire extinguishing and
related products. Information concerning geographical revenue is disclosed
in note 3.
5. Non-underlying items
(Unaudited) (Unaudited) (Audited)
Six months
Six months
Year
ended
ended
ended
30 June 2024 30 June 2023
£000
£000 31 Dec 2023
£000
Share-based payment charges 75 413 503
Other non-underlying costs - - 92
75 413 595
Share-based payment charges
The total charge recognised for the Period in relation to share-based payments
amounted to £75,000.
Other non-underlying costs
Other non-underlying costs of £92,000 were provided in 2023 in relation to
employment termination costs.
The Group operates equity-settled share-based remuneration schemes for
employees. The terms and conditions of the grants are detailed below:
No. of Contractual life
Date of grant options Exercise price (£) Vesting conditions of options
30 September 2021(1) 1,495,650 0.48 IPO 10 years
11 October 2021(1) 1,645,200 0.48 IPO/market capitalisation 10 years
29 March 2022(1) 1,645,200 0.16 12 months from admission date 10 years
26 July 2022 1,167,301 0.75 Total shareholder return 10 years
13 October 2022 974,965 0.75 Total shareholder return 10 years
(1) The number of share options granted, and the corresponding exercise price,
are shown after the Company's 49 for 1 bonus issue of shares on 9 May 2022.
6. Finance expense
(Unaudited) (Unaudited) (Audited)
Six months
Six months
Year
ended
ended
ended
30 June 2024 30 June 2023
£000
£000 31 Dec 2023
£000
Interest on bank loans - 1 1
Interest on other loans 12 22 90
Other interest (net) 4 - 2
16 23 93
7. Income tax expense
No income has yet been recognised in H1 2024 in relation to R&D tax
credits available from HMRC through the SME R&D relief scheme for 2024.
8. Loss per share
Loss per share is calculated as follows:
(Unaudited) (Unaudited) (Audited)
Six months
Six months
ended
ended Year
30 June 2024 30 June 2023 ended
31 Dec 2023
Basic and diluted loss per share (pence) (2.0) (5.9) (9.5)
The calculations of basic and diluted loss per share are based upon:
Loss for the period attributable to owners of the Parent (£000) (638) (1,314) (2,218)
Weighted average number of ordinary shares 31,233,871 22,108,050 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 period.
The weighted average number of shares in issue is used as the denominator in
calculating the 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
(Unaudited) (Unaudited) (Audited)
30 June 2024 30 June 2023 31 Dec 2023
£000
£000
£000
Amounts falling due within one year:
Trade receivables 433 24 9
Other receivables 55 119 458
Taxation and social security 107 154 468
Prepayments and accrued income 63 139 133
658 436 1,068
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
prevailing Broker but not yet transferred to the Company at the year end.
These funds were received in January 2024.
10. Cash and cash equivalents
(Unaudited) (Unaudited) (Audited)
30 June 2024 30 June 2023 31 Dec 2023
£000
£000
£000
Cash at bank available on demand 1,103 24 60
1,103 24 60
11. Trade and other payables
(Unaudited) (Unaudited) (Audited)
30 June 2024 30 June 2023 31 Dec 2023
£000
£000
£000
Trade payables 238 515 432
Other payables 17 2 12
Accruals 103 113 231
Other taxation and social security 97 152 221
455 782 896
12. Borrowings
(Unaudited) (Unaudited) (Audited)
30 June 2024 30 June 2023 31 Dec 2023
£000
£000
£000
Current:
Bank loans 7 7 8
Other loans - 442 212
Non-current:
Bank loans 7 15 11
14 464 231
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 at 31 December 2023 comprised monies to fund certain of the
Group's annual insurance premia and a supplier invoice finance facility.
These were fully repaid at the Period end.
13. Share capital
(Unaudited) (Unaudited) (Audited)
30 June 2024 30 June 2023 31 Dec 2023
£000
£000
£000
Called up share capital
Ordinary shares of £0.01 each 479 221 272
479 221 272
Called up share capital
Called up share capital represents the nominal value of shares that have been
issued.
All classes of share have full voting, dividends, and capital distribution
rights.
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.
On 30 May 2024, a General Meeting of the Company was held in which the
Directors obtained authority to allot the placing, subscription and retail
offer shares and the disapplication of pre-emption rights in this respect.
14. Reserves
Share premium account
This represents the excess value recognised from the issue of ordinary shares
above nominal value.
Share-based payment reserve
This represents the cumulative fair value of share options charged to the
consolidated statement of comprehensive income net of the transfers to the
profit and loss reserve on exercised and cancelled/lapsed options.
Accumulated losses
This represents cumulative net gains and losses less distributions made.
15. Availability
Further copies of this interim announcement are available on the LifeSafe
Holdings plc investor relations website, www.lifesafeholdingsplc.com
(http://www.lifesafeholdingsplc.com) .
- Ends -
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