LifeSafe outperforms in first four months of year

Fire safety technology company LifeSafe reported strong sales growth in the first four months of 2023 on Monday.

The AIM-traded company's revenue during the period ended 30 April reached £2.1m, surpassing last year's figure by over 200%.

Additionally, it noted that the performance also exceeded the internal budgets for 2023 by about 15%.

In a bid to capitalise on its projected revenue opportunities in the second half, LifeSafe said it had taken strategic measures to manage its working capital requirements.

In addition to the previously-announced £0.25m non-revolving supplier invoice finance facility introduced on 31 March, the firm said it had secured a new 150-day, £0.25m trade finance facility.

The facility, which was subject to an arrangement fee and a monthly interest rate of 3%, was supported by a debenture over the assets of the company.

“The outperformance of revenue against the board's expectations in the first four months of the year is very encouraging,” said chairman Dominic Berger.

“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.”

At 0800 BST, shares in LifeSafe Holdings were up 17.62% at 40.58p.

Reporting by Josh White for Sharecast.com.