Fire extinguisher maker Lifesafe has attributed the sizeable uptick in revenue in 2023 to its focus on digital retailing. It also added that its full-year results represent the “start of the journey” to deliver shareholder value.
The firm, which floated on the Aim market two years ago, saw its revenue grow by 46 per cent to £5.9m in the year ended 31 December 2023.
Gross profit of £3.4m was also up on the previous year’s total of £2.3m. Meanwhile, its profit margin was 57.6 per cent, compared with 57 per cent in 2022.
After-tax, interest and amortisation, however, the firm slipped into the red with losses of £1.4m, slightly higher than the £1.3m of the previous year.
It ran a loss before tax of £2.2m over a year in which the firm hit some major operational milestones.
It introduced its Lithium Thermal Runway Fluid in January, and launched its all-in-one fire extinguisher in the UK and US, which, it claims, will extinguish ten different types of fire, including the increasingly common lithium-ion battery fires.
Dominic Berger, Lifesafe’s Chairman, said: “Our Digital First strategy has successfully built brand awareness and recently unlocked wholesale and industrial channels with agreements signed for the development and distribution of our new fluids…
“Although testing and commercialisation of our fluids with large industry leaders takes time and investment, I believe these partnerships represent the start of the journey to deliver significant value for our shareholders.”