LifeSafe shares jump on new deal with Trinity
By Josh White
Date: Thursday 02 May 2024
(Sharecast News) - Fire technology company LifeSafe announced a significant agreement with Trinity Fire & Security Systems on Thursday, involving the supply of LifeSafe's latest line of fire extinguishers filled with multi-purpose fluid, specifically designed to combat various types of fires including lithium-ion battery fires.
The AIM-traded firm said that under the terms of the exclusive contract, LifeSafe would provide Trinity with its advanced fire extinguishers filled with multi-purpose fluid, solely within the UK market.
It said the agreement was expected to yield revenues of up to £1.3m over the course of three years.
Trinity Fire & Security, established in 1997 and boasting an annual revenue surpassing £60m, operates across the UK with 10 regional offices and a substantial customer base exceeding 2,000 clients.
It provides fire safety solutions to diverse sectors, including prominent entities such as the Ministry of Defence, NHS, Ikea, Mitie, CBRE, John Lewis, Selfridges, and Heathrow Airport.
"The partnership agreement and contract with Trinity Fire & Security, a hugely prestigious and respected industry leader, follows an extensive period of testing and approval of our new range of LifeSafe cannisters combined with our eco-friendly Multi-Purpose Fluid, which has proven to be incredibly effective at extinguishing multiple types of fire including lithium-ion battery fires," said chairman Dominic Berger.
"This partnership marks a significant milestone for LifeSafe and will provide access to a global market valued at $9bn annually."
At 1254 BST, shares in LifeSafe Holdings were up 25% at 15p.
Reporting by Josh White for Sharecast.com.
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