REG - LifeSafe Holdings - Trading update, New trade finance facility

LifeSafe HoldingsAnnouncement

05/06/2023 07:00

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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 £2.1 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 £250,000 non-revolving supplier invoice finance
facility announced on 31 March 2023, the Group has entered into a new 150-day,
£250,000 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."

 

- 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 Buchanan
 Dominic Berger, Chairman                             www.lifesafeholdingsplc.com (http://www.lifesafeholdingsplc.com)
 Neil Smith, CEO
 Mike Stilwell, CFO

 WH Ireland Limited (Nominated Adviser & Broker)      Tel: +44 (0) 20 7220 1666
 Chris Fielding
 Darshan Patel

 Buchanan (Financial Communications)                  Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham                                LifeSafe@buchanan.uk.com (mailto: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
(https://www.lifesafeholdingsplc.com) .

 

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

Twitter: https://twitter.com/LifesafeT (https://twitter.com/LifesafeT)

 

- Ends -

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