LifeSafe half-year sales surge on increased demand

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LifeSafe Holdings PLC on Tuesday said sales in the first of 2022 surged and this momentum has continued into the second half of the year.

The Essex-based fire safety technology firm listed on London's AIM market at a price of 75 pence per share in July. Shares are currently 27% behind the initial public offering price, up 3.2% to 56.24p each in London on Tuesday afternoon.

In the six months to June 30, LifeSafe said it has traded in line with its expectations, generating sales of around £1.2 million. This compares to £40,000 in the same period last year and £670,000 for financial year 2021.

The company explained that it has made ‘good progress’ in creating and meeting increased demand for its products and that this sales momentum has carried on into the first weeks of the second half of the year.

Further, LifeSafe said that its £3 million proceeds from its IPO will enable the company to ‘accelerate’ growth through the development of new products and fluid derivatives. The company remains on track to launch these in the first half of 2023, it added.

Life Safe expects to issue its results for the six months ended June 30 in the second half of September.

Chief Executive Officer Neil Smith said: ‘We are pleased to report today on the strong operational and strategic progress that the group has made in the first half of 2022, which reflects the successful commercialisation of our StaySafe 5-in-1 product since its launch in August last year.’

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