(Alliance News) - LifeSafe Holdings PLC on Tuesday said it "will continue to learn and deliver" as it reported a reduced loss with revenue more than doubled, and announced its first industrial partnership with a large Australian firm.

The Essex, England-based fire safety technology developer reported a GBP1.3 million pretax loss for the first half of 2023, following a GBP2.2 million loss the previous year.

Revenue surpassed LifeSafe's expectations, more than doubling to GBP2.9 million from GBP1.3 million.

"I am pleased to announce another positive set of financial results that reflect the continued growth and development of our business," commented Chair Dominic Berger, adding: "Our IPO occurred in the early stages of our growth and understanding of the market. It is safe to say we know more now than we did then, but nonetheless we have and will continue to learn and deliver on our journey."

Cash at June 30 was GBP24,000, down from GBP22,000 at the same time in 2022, while net debt swelled to GBP440,000 from GBP7,000. However, LifeSafe subsequently raised GBP1.2 million from a share placing, subscription and retail offer in August.

Cost of sales more than doubled to GBP1.2 million, while administrative expenses rose 25% to GBP2.9 million.

LifeSafe also made an underlying loss before interest, tax, depreciation and amortisation of GBP760,000 compared with a GBP681,000 loss the year before.

The company said it expects to achieve monthly Ebitda profitability in the fourth quarter of 2023. Additionally, it is "looking forward" to further scaling its consumer business next year, and to starting production in the US.

Also on Tuesday, LifeSafe said it has entered an exclusive strategic partnership with Wormald Fire & Safety, a Homebush West, Australia-based fire protection service provider.

The deal grants Wormald the right to distribute LifeSafe's new lithium-ion fire extinguishing fluid Thermal Runway Fluid throughout Australia and New Zealand, and LifeSafe said it "represents a major growth opportunity for the group."

Shares in LifeSafe were up 7.4% at 34.90p on Tuesday in London.

By Emma Curzon, Alliance News reporter

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