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31 Mar 2023 07:00
For immediate release | 31 March 2023 |
LifeSafe Holdings plc
('LifeSafe', the 'Group' or the 'Company')
Trading Update
New invoice financing facility
LifeSafe (AIM:LIFS), a fire safety technology business with innovative fire extinguishing fluid and fire safety products, is pleased to report that sales growth has continued to exceed the Board's expectations in the current financial year commencing 1 January 2023, particularly in the United States.
In order to more easily manage its ensuing working capital requirements the Group has therefore entered into a non-revolving, £250,000 invoice finance facility in case it is required, which is utilisable over an initial term of six months. The facility does not bear interest but attracts a fee of £18,750 payable equally over the initial term. Each drawdown is repayable over the six months following drawdown, with the first instalment paid at the time of the first drawdown. The facility is not currently being utilised.
Commenting on the Trading Update, Dominic Berger, Chairman of LifeSafe, said: "We are delighted with the Group's continuing strong sales growth, particularly in our key US market. The new invoice facility announced today will enable us to meet that growing demand more effectively. We look forward to providing more detail in relation to our current trading and outlook when we issue our FY22 results next month."
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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 |
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Mike Stilwell, CFO | |
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WH Ireland Limited (Nominated Adviser & Broker) | Tel: +44 (0) 20 7220 1666 |
Chris Fielding |
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Darshan Patel |
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Buchanan (Financial Communications) | Tel: +44 (0) 20 7466 5000 |
Henry Harrison-Topham | LifeSafe@buchanan.uk.com |
Jack Devoy |
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George Cleary |
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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's best-selling product using this extinguishing fluid is the StaySafe 5-in-1 fire extinguisher. It was launched on Amazon Prime in the UK in August 2021 and subsequently became Amazon Prime's top-selling fire extinguisher in the UK in the same month. The StaySafe 5-in-1 and the PanSafe pan fire extinguisher 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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