LifeSafe Holdings PLC on Thursday said it anticipates a full-year revenue decline in line with expectations, as the firm implements a shift in its sales strategy.

The Essex, England-based fire safety technology developer said it expects 2024 revenue of around £3.3 million, which would be down 57% from £5.9 million last year.

The firm said it ‘took steps to address the cost pressures experienced as LifeSafe scaled at pace during 2023. The group evolved its US sales model from a pure B2C to a B2B2C model, partnering with wholesalers to improve LifeSafe’s gross and net margins.’

LifeSafe anticipates its loss before interest, tax, depreciation and amortisation narrowing to around £700,000, which ‘represents a significant improvement’ to its £1.4 million loss the year before, in line with the firm’s ‘journey to profitability’.

The company has made ‘significant’ savings at the gross margin level to date, it explained, enabling it to achieve a higher gross margin on lower revenue, ‘reflecting the new distribution relationship in the US’.

LifeSafe expects to release its preliminary full-year results in April.

Chair Dominic Berger said: ‘Our marketing investment in 2023 successfully enabled us to sign up new wholesale partners in the US in early 2024 which has resulted in significant savings in our overheads driving the business towards profitability.’

Shares in LifeSafe were down 5.3% at 7.10 pence in London on Thursday morning.

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