LifeSafe, a fire safety technology business, announced a new contract with Trinity Fire & Security Systems for the supply of its new range of fire extinguishers, containing the proprietary "Multi-Purpose Fluid".
Under the terms of the contract, LifeSafe will supply the fire extinguishers to Trinity on an exclusive basis in the UK. The contract is expected to generate sales of up to £1.3m over a three-year period.
Richard Castle-Smith, Head of Fire Suppression, Trinity Fire & Security, commenting: "We are delighted to be the exclusive UK distributor of a true multi-purpose portable fire extinguisher which is certified to combat the ever-growing risk of lithium battery fires. The market's appetite for such an innovative product, in what has been a slow area of development, can now be realised."
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LifeSafe announces a partnership agreement and contract with Trinity Fire & Security, an established name in the fire safety segment. The £1.3m contract follows a period of validation and approval of LifeSafe's new cannisters combined with its proprietary "Multi-Purpose Fluid", designed to tackle multiple fire types, including Lithium-ion battery fires. The partnership is significant as it marks the entry of LifeSafe into the global industrial fire safety market, valued at £9bn.
Trinity Fire & Security, founded in 1997, last reported annual revenues exceeding £60m. The company operates across 10 regional offices in the UK and has 2,000 customers. It is part of Premier Technical Services Group, which employs 2,700 people across 48 sites in the UK, serving 20,000 customers and maintaining 200,000 properties. Trinity provides fire safety equipment and services to a variety of sectors, with notable customers including the Ministry of Defence, NHS, IKEA, Mitie, CBRE, John Lewis, Selfridges, and Heathrow Airport.
LifeSafe recently reported FY23 trading in line with expectations, with its first industrial orders ahead of forecast. Revenue for FY23 ended December 31, 2023 was reported at £5.9m, at the upper end of management's expectations, following successful trading over the Christmas period. Underlying LBITDA was forecast at £1.4m, in the middle of updated guidance.
LIFS shares jumped 12.5% on today's announcement.
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