LifeSafe (AIM:LIFS), a fire safety technology business with innovative fire extinguishing fluid and fire safety products, provides the following trading update for the eleven month period ended 30 November 2022.
The Board is delighted to report that sales growth through the Group’s consumer channels has materially exceeded its expectations in the eleven months to 30 November 2022. Revenue in that period is now above current market guidance of £3.0 million for the full year ending 31 December 2022 (“FY22”).
The Board has therefore upwardly revised its expectation of FY22 revenue to between £3.5 million and £3.8 million. This increase in revenues has been, and continues to be, generated through the Group’s innovative product range, and effective marketing strategy across LifeSafe’s consumer sales channels, with particularly strong growth in the US.
In order to meet the growing demand, and to ensure that stock is available in the first months of 2023, short term logistics costs are expected to be higher than budgeted in the remainder of 2022. Taking into account also the increased marketing costs to generate the higher sales, the Board currently anticipates that EBITDA for the full year will be in line with current market expectations.
LifeSafe will provide a further trading update in late January 2023 once the impact of trading in the busy Christmas period is known.
Commenting on the Trading Update, Dominic Berger, Chairman of LifeSafe, said: “It is extremely pleasing to see that the execution of the Board’s strategy is having such a positive impact on the Group’s performance.
“Our initial investment has delivered these strong sales which is not only extremely positive for FY22 but also highly exciting for FY23 and beyond. As we continue to grow the business by expanding our innovative fire extinguishing offering into the wholesale and industrial markets, we believe that shareholder value will be further enhanced.”
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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.
