5th Jun 2023 10:55
(Alliance News) - LifeSafe Holdings PLC on Monday said that sales growth in the first four months of the year has continued to exceed its expectations.
LifeSafe is a Essex, England-based fire safety technology company. Shares in the firm jumped 18% to 40.58 pence on Monday morning in London.
Revenue in the four months ended April 30 totalled GBP2.1 million. This was triple that achieved in the same period a year prior and 1% higher than LifeSafe's internal budgets for the year.
LifeSafe said this outperformance of sales in the first four months of the year bodes well for trading in the second half of the year, the company's seasonally busier period.
Further, the second half will see the launch of LifeSafe's new StaySafe all-in-one fire extinguisher in North American and Europe.
To take advantage of this "growing second-half revenue opportunity", LifeSafe has entered into a new 150-day GBP250,000 trade finance facility to more easily manage its expected working capital requirements. This is in addition to the GBP250,000 non-revolving supplier invoice finance facility already secured.
Chair Dominic Berger commented: "The outperformance of revenue against the board's expectations in the first four months of the year is very encouraging. 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."
By Heather Rydings, Alliance News senior economics reporter
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