FY23 trading performance overview

Lifesafe, a prominent fire safety technology business, has provided a trading update for the year ended 31 December 2023 (FY23).

The report aligns with the company’s updated guidance.

Revenue for FY23 is projected to be around £5.9 million, aligning with the Board’s optimistic expectations, especially following robust trading over the Christmas period.

The anticipated underlying LBITDA1 stands at approximately £1.4 million, fitting within the Board’s expected range.

However, Lifesafe continues to await an update from HMRC regarding the delayed VAT refund of £350,000.

The Preliminary Results are scheduled for publication in April 2024.

Industrial sales channel developments

The company has reported receiving its first purchase orders for industrial fluids since the year’s end.

These orders are for Lifesafe’s Pre-Trauma Fluid (PTF) and Thermal Runaway Fluid (TRF), marking a significant milestone.

These orders have emerged from recent partnerships with Reacton and Lingjack, intended for use in testing Reacton’s electric vehicle suppression system and in Lingjack’s range of fire extinguishers and fixed suppression systems.

Comments from the chairman

Dominic Berger, Chairman of Lifesafe, expressed his views on the company’s progress: “This progress is significantly ahead of the Board’s timing expectations for its first material industrial orders through this new, higher-margin channel for 2024 and beyond.

“2023 saw us successfully launch a number of innovative and non-toxic life-saving products, including the StaySafe All-in-1 fire extinguisher through to the Pre-Trauma Fluid, a preventative supercoolant designed to prevent lithium battery fires.

“Moreover, the Group’s strategy to grow its presence in industrial markets is progressing very well, and we look forward to building on our industrial partnerships in the year ahead.”

IFSJ Comment

Lifesafe’s announcement of its FY23 trading performance and the success of its industrial sales channel represents a positive step in the company’s growth trajectory.

The revenue figures and the receipt of initial industrial orders showcase the company’s ability to adapt and expand in a dynamic market.

The development of innovative and non-toxic fire safety products, such as the StaySafe All-in-1 fire extinguisher and Pre-Trauma Fluid, highlights Lifesafe’s commitment to advancing fire safety technology.

The progress in industrial markets, as noted by the Chairman, Dominic Berger, indicates a strategic move towards diversifying the company’s portfolio and enhancing its market presence.