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RNS Number : 4627C

Pennant International Group PLC

13 June 2023

 

 

 

                                                                                                                       13 June 2023

 

PENNANT INTERNATIONAL GROUP PLC

 

Business Update: New Contract Wins

 

 

Pennant International Group plc (AIM:PEN), the IPS software and services company, is pleased to report further progress as it implements its new business model, with the following new orders secured :

 

·     a contract on an Australian defence programme, to supply software solutions and technical services worth AUD$5.2 million over five years;

 

·     an upgrade on an existing Australian contract to provide specialist facilities and services worth AUD$1.2 million over five years;

 

·     a £250,000 perpetual software licence to a European defence department;

 

·     a contract for technical railway mapping services in the UK, worth circa £130,000 this year.

 

The first order is particularly significant as it represents the first sale of Pennant's new GenS software, which will be fully launched to market in early 2024.

 

GenS is the successor product to OmegaPS and is the next generation of Integrated Product Support software – a Windows application, hosted on premise or via the cloud, deployable on laptops or tablets, and which enables the seamless management of equipment data across complex programmes.  

 

Phil Walker, Group CEOcommented:"These new contract wins demonstrate that recent momentum has been maintained in building our new business model. It is especially pleasing to secure the first sale of the new GenS solution."  

 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Enquiries:

 

Pennant International Group plc		www.pennantplc.co.uk
Philip Walker, CEO David Clements, Commercial & Risk Director Michael Brinson, CFO		+44 (0) 1452 714 914
WH Ireland Limited (Nomad and Broker)		https://www.whirelandplc.com/capital-markets
Mike Coe / Sarah Mather (Corporate Finance)		+44 (0) 20 7220 1666
Fraser Marshall / George Krokos (Sales)
Walbrook PR (Financial PR)		pennant@walbrookpr.com
Paul Vann Joe Walker		+44 (0)20 7933 8780 Mob: +44 (0)7768 807631

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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RNS Number : 8711B

Ondo InsurTech PLC

07 June 2023

 

7th June 2023

 

Ondo InsurTech Plc ("Ondo" or "the Company")

 

 

Premium US insurer Mutual of Enumclaw signs contract to install 10,000 LeakBot systems with customers in Washington State

 

 

 

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce that premium US insurer Mutual of Enumclaw has signed a contract to distribute Ondo's LeakBot system to homeowner insurance customers in Washington State.

 

Having its origins in Washington State, Mutual of Enumclaw is a member-owned insurer operating in Washington, Oregon, Idaho, Utah, Arizona, Montana, and Wyoming in the US Pacific Northwest and has approximately 100,000 homeowner insurance customers,generating over $180 million in written premiums in 2022.

 

Mutual of Enumclaw will initially partner with Ondo to provide 10,000 devices to be installed in their customers' homes in the state of Washington. These units are expected to be installed within the first 6 months, starting in August 2023.

 

Jerel Titus, Chief Member Experience Officer of Mutual of Enumclaw, said: "Member safety is at the center of who we are as an organization.  Non-weather water events endanger our members' health, their homes, and their wallets. The innovative leak detection and prevention technology, ease of use, and overall effectiveness of the LeakBot solution make it a perfect fit to protect our Mutual of Enumclaw members." 

 

Craig Foster, CEO of Ondo InsurTech Plc, said: "We are very pleased to announce this new agreement today which represents another important step on our path to build a strong presence in the United States. We look forward to working with Mutual of Enumclaw, a premium US insurer with a well established position in a number of states in the US Pacific Northwest, and we hope to further grow this relationship together over time."

 

 

Enquiries

 

For further information, please visitwww.ondoplc.com  or contact the following: 

Ondo InsurTech Plc	Jim Strickland, General Manager – North America	+001 817 807 8962
SI Capital Ltd (Company Broker)	Nick Emerson Jon Levinson	+44 (0) 1483 413500 +44 (0) 20 3143 0600
Cassiopeia Services Ltd (PR & Investor Relations)	Stefania Barbaglio	+44 (0) 7949 690338

 

About Mutual of Enumclaw

 

With a rich history dating back to 1898, Mutual of Enumclaw works exclusively with local independent agents to offer insurance products to individuals, families, farms, and businesses. The company currently operates in Washington, Oregon, Idaho, Utah, Arizona, Wyoming and Montana. The company has been consistently recognized as one of Washington's 100 Best Companies to Work For by Seattle Business Magazine.

 

For more information, visitwww.mutualofenumclaw.com.

 

Press Release Contact:

Michael Cousins, Brand Director

MCousins@MutualofEnumclaw.com  

1-800-366-5551, Ext. 3366

 

 

About Ondo InsurTech PLC

 

Ondo InsurTech Plc is a world leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot – claims prevention technology that prevents water damage claims in houses.  Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined.  LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem.  Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

 

LeakBot partners with 11 insurance carriers – including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark – across 5 different countries, in Europe and the USA.

 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).

 

For more information, visitwww.ondoplc.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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Billington Holdings PLC is a uk based group of companies focused on its structural steel & engineering activities throughout the uk and european markets.

Further information can be found on the Company’s website: https://billington-holdings.plc.uk/

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RNS Number : 6437Z

4GLOBAL PLC

17 May 2023

 

17May 2023

4GLOBAL PLC

 

("4GLOBAL", the "Group" or the "Company")

 

Strategic partnership in North America

 

4GLOBAL, a UK-based data, services and software company, is pleased to announce the signing of a strategic partnership to exploit a multi-million US dollar opportunity with Jonas Fitness Inc, part of Jonas Software, a worldwide Constellation Software company.

 

Constellation Software is an international provider of market-leading software and services to several industries generating consolidated revenues exceeding US$4 billion. This partnership extends 4GLOBAL's relationship with Jonas brands into North America and their 10k+ customer sites, building on well-established relationships with other parts of the Group in the United Kingdom, including Xn Leisure, Gladstone and Fitronics.

 

Jonas Fitness Inc provides gym management software to health, wellness, and fitness facilities worldwide. Jonas' continued focus is on creating long-term relationships with its health club operators and ensuring that it can meet its software, billing, and service needs.

 

This exciting partnership creates an integration between Jonas Fitness Inc's 'Compete' product and 4GLOBAL 'Biz Insight' module. This will allow Jonas Fitness Inc customer base to purchase 4Global's Biz Insight software solution through Jonas Fitness Inc, taking advantage of sector standard KPIs, shared best practice benchmarks and uncovering operational insights into their business. The Partnership gives Jonas Fitness Inc. a new software solution to sell to their customer base, enhancing an already strong product in "Compete" providing insight that completes the product delivery for Jonas Fitness Inc customers.

 

Eloy Mazon, Chief Executive Officer of 4GLOBAL, commented:

 

"This partnership reflects our commitment to driving positive change and making a lasting impact on the fitness industry, widening our reach into North America making it easier for our customers to have access to our world leading software products and data providing them better understanding about their business and their customers. We are confident that this strategic partnership will unlock new opportunities, inspire a number of people, and assist in shaping the future of fitness."

 

 

For further information please contact:

4GLOBAL Eloy Mazon (CEO)	c/o IFC Advisory
Spark Advisory Partners – Nominated Adviser Neil Baldwin	0203 368 3554
Canaccord Genuity Limited – Broker Bobbie Hilliam	020 7523 8000
IFC Advisory Graham Herring / Zach Cohen	0203 934 6630

 

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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RNS Number : 1764Z

FireAngel Safety Technology Group

12 May 2023

 

RNS

12th May 2023

FireAngel Safety Technology Group plc

 ('FireAngel', the 'Company' or the 'Group')

Contract Win

FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, announces that it has been commissioned by a government agency to supply smoke and heat alarms for a large, connected alarm project for low income families in the Middle East.

The contract, which is valued at an estimated £1.5 million, will be delivered over the next six months, commencing this month. It includes the supply of over 60,000 Connected smoke and heat alarms, which will be installed in over 5,000 properties.

Zoe Fox, Chief Finance Officer, commented:"We are delighted with this latest contract, which is further testament to the continuing demand for our Connected products, both in the UK and overseas. Our Connected technology is designed to provide the highest level of protection at all times and we are well positioned to meet the growing demand for fire safety technology."

 

ENDS

 

For further information, please contact:

FireAngel Safety Technology Group plc	024 7771 7700
Zoe Fox, Chief Finance Officer
Shore Capital (Nominated adviser and broker)	020 7408 4050
Tom Griffiths/David Coaten/Tom Knibbs
Houston (Financial PR)	0204 529 0549
Kate Hoare/Ben Robinson

Notes to Editors

About FireAngel Safety Technology Group plc

FireAngel's mission is to protect and save lives by making innovative home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market. 

FireAngel's principal products are connected smoke alarms, CO alarms, heat alarms and accessories.  The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories.  Products are sold under FireAngel's leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye.

For further product information, please visit: www.fireangeltech.com

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

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RNS Number : 3230Y

Crimson Tide PLC

04 May 2023

 

This announcement contains Inside Information

4 May 2023

Crimson Tide plc

("Crimson Tide" or "the Company")

Further contract win and renewals

 

Crimson Tide Plc (TIDE) ("Crimson Tide" or "The Company"), the provider of the mpro5 solution, is pleased to announce a further contract win with the NHS.

The Company recently announced the initial win with this Trust, whereby the implementation of mpro5 will drive efficiencies and savings across the Trust's estates. We have now received the contract to add Internet of Things ("IoT") sensors, which will enable one of mpro5's key differentiators, sensor driven actions, to facilitate more effective use of staff and facilities within the Trust. This additional thirty six month contract of c£300k takes the full contract value to over £0.5m over a three year term.

In addition, the Company is pleased to report the renewal of a number of long term contracts, once again demonstrating that mpro5's commitment to excellence of service is rewarded with long lasting and strategic relationships with our clients.  

In the last 3 months, 4 of our long term clients have decided to not only continue with mpro5 but to add further users or use cases where mpro5 helps to deliver their business critical processes. All four clients will have been mpro5 subscribers for over a decade at the end of their new contracts with a combined total of in excess of £650k of secured contracted revenue.  

Chairman Barrie Whipp commented,  "We are very pleased to add mpro5's sensor driven actions to our initial contract with this NHS Trust, which we believe will drive direct savings and improvements across its estate. Our goal is to work with the Trust to establish a repeatable series of processes and procedures that drive compliance and efficient use of staff and facilities. As can be seen from our recent renewals, which demonstrate a wide range of use cases, our goal is to ensure our clients trust us for the long term and use mpro5 to provide an increasing range of solutions."

 

 

Enquiries:

Crimson Tide plc      +44 1892 542444

Barrie Whipp / Jacqueline Daniell

finnCap Ltd (Nominated Adviser and Broker)   +44 20 7220 0500

Julian Blunt / Milesh Hindocha, Corporate Finance

Andrew Burdis, Corporate Broking  

Alma PR (Financial PR)      +44 7780 901979

Josh Royston

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

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RNS Number : 8849X

TPXimpact Holdings PLC

28 April 2023

 

 

 

28 April 2023

T PXimpact Holdings PLC

( "TPX", "T PXimpact ", or the "Company")

Contract wins

Two significant contract wins with critical central government departments

Two-year digital transformation contract with Department for Education worth up to £27.4 million and four-year digital transformation contract with His Majesty's Land Registry worth up to £49 million

 

TPXimpact Holdings PLC (AIM: TPX), a technology-enabled services company focused on digital transformation, announces two significant contract wins with two UK central government departments. Combined, the contracts will deliver a cumulative value of up to £77 million over a four year period and demonstrates TPXimpact's position as a leading provider of digital transformation services to the public sector.

The first is a two-year contract with the Department for Education (DfE) worth up to £27.4 million, commencing in May 2023. TPX has been appointed to lead a consortium of  suppliers with specialist expertise across all of the Digital, Data and Technology (DDaT) Profession Capability Framework job families, to design, develop and iterate digital services for Teachers and related users.

 

The second contract win is with His Majesty's Land Registry (HMLR) and is TPX's largest to date, worth up to £49 million over a four-year period, commencing in May 2023. TPX has been appointed HMLR's Digital, Data, and Technology (DDaT) Delivery Partner and will provide a range of digital and technical transformation programmes to support HMLR's ambitions to deliver a more efficient and effective service to its users.

 

This includes providing secure and efficient land registration, enabling digital property buying and selling, providing near real-time property information, offering accessible digital register data, and collaborating with property market partners to conduct research and accelerate change. This partnership builds on TPX's long-standing relationship with HMLR and proven track record of success as both a user-centred design and product management partner.

 

 

Bjorn Conway, Chief Executive Officer of TPXimpact Holdings PLC, commented:

 

"Our projects with the DfE and HMLR underscore the strength of our offering across digital transformation services, which will prove essential in driving the automation of critical government systems and services. Winning these contracts following a competitive tender process highlights the quality of our offering and consolidates our position as a leading provider of digital transformation services to the public sector.

 

With the Group optimised for efficiency under one brand, these contracts also represent the scale and value of the projects TPXimpact can deliver. As an agile organisation with end-to-end digital transformation capabilities, we continue to target larger and longer-term contracts across both the public and private sectors. We are excited to embark on these partnerships and look forward to the opportunities they unlock for further growth and innovation."

 

– Ends –

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. The person responsible for this announcement is Steve Winters, Group CFO.
 

Enquiries: TPXimpact Holdings PLC Bjorn Conway, Group CEO Steve Winters, Group CFO   Stifel Nicolaus Europe Limited (Nomad and Joint Broker) Alex Price Fred Walsh Ben Burnett	Via Alma PR       +44 (0) 207 710 7600
Dowgate Capital Limited (Joint Broker) James Serjeant David Poutney Russell Cook	+44 (0) 203 903 7715
Alma PR (Financial PR) Josh Royston Kieran Breheny Matthew Young	+44 (0) 203 405 0209 [email protected]

 

About TPXimpact

TPXimpact exists to transform the organisations, services and systems that underpin society and that drive business success. It applies strategic and creative thinking, technology, innovative design and user-centred approaches to bring about numerous improvements which together multiply the impact of change.

The Company works closely with its clients in agile, multidisciplinary teams that span organisational design, technology, and digital experiences. It shares a deep understanding of people and behaviours and a philosophy of putting people and communities at the heart of every transformation.

The business is being increasingly recognised as a leading alternative digital transformation provider to the UK public services sector, with c.65% of its client base representing the public sector and c.35% representing the commercial sector.

More information is available at www.tpximpact.com.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

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RNS Number : 8264W

Trakm8 Holdings PLC

20 April 2023

 

 

 

20 April 2023

Trakm8 Holdings plc

("Trakm8", the "Group" or the "Company")

Contract Award

Trakm8 Holdings plc (AIM: TRAK), the global telematics and data insight provider, is pleased to announce that the Company has been awarded a new contract with Freedom Services Group.

Under this contract, Trakm8 will provide insurance data services and devices to Freedom Connect, including Trakm8's advanced connectedcare data sets and FNOL (First Notification of Loss) crash algorithm. The contract is for an initial term of three years.

This contract is expected to generate revenues in excess of £6m over the first three years.

John Watkins, Trakm8's Executive Chairman, commented "We have been supplying devices and data to Freedom for some two years via a third party and more recently directly and this contract increases the demand and secures our position with one of the UK's fast growing and most successful insurance MGAs. This contract helps to underpin the Board's expectations for the growth of Trakm8's insurance business."

 

– Ends –

 

For further information:

Trakm8 Holdings plc
John Watkins, Executive Chairman	Tel: +44 (0) 1675 434 200
Jon Edwards, Chief Financial Officer	www.trakm8.com
Allenby Capital Limited  (Nominated Adviser & Broker)	Tel: +44 (0)20 3328 5656
David Hart/ Vivek Bhardwaj, Corporate Finance Tony Quirke/ Joscelin Pinnington, Sales and Corporate Broking	www.allenbycapital.com

 

About Trakm8

 

Trakm8 is a UK based technology leader in fleet management, insurance telematics, connected car, and optimisation. Through IP owned technology, the Group uses AI data analytics collected from its installed base of telematics units to fine tune the algorithms that are used to produce its' solutions; these monitor driver behaviour, identify crash events and monitor vehicle health to provide actionable insights to continuously improve the security and operational efficiency of both company fleets and private drivers.

 

The Group's product portfolio includes the latest data analytics and reporting portal (Trakm8 Insight), integrated telematics/cameras/optimisation, self-installed telematics units and one of the widest ranges of installed telematics devices. Trakm8 has over 318,000 connections.

 

Headquartered in Coleshill near Birmingham alongside its manufacturing facility, the Group supplies to the Fleet, Optimisation, Insurance and Automotive sectors to many well-known customers in the UK and internationally including the AA, Sainsbury's, Saint Gobain, EON, Iceland Foods, GSF, Direct Line Group, Ticker and Ingenie.

 

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005. Trakm8 is also recognised with the LSE Green Economy Mark.

 

www.trakm8.com / @Trakm8

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

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RNS Number : 5013W

LifeSafe Holdings PLC

18 April 2023

 

For immediate release

18 April 2023

 

 

LifeSafe Holdings plc

('LifeSafe', the 'Group' or the 'Company')

 

Launch of new StaySafe All-in-1 fire extinguisher

 

LifeSafe (AIM:LIFS), a fire safety technology business with innovative fire extinguishing fluids and fire safety products, is pleased to announce the launch of its new StaySafe All-in-1 fire extinguisher featuring the Group's next generation fluid.  The new StaySafe All-in-1 is specifically designed to tackle ten different types of fire, replacing the successful StaySafe 5-in-1 fire extinguisher.

 

New StaySafe All-in-1 fire extinguisher

 

The Board is delighted to announce the UK launch of LifeSafe's new StaySafe All-in-1 fire extinguisher .  This uses a variant of the Group's core eco-friendly patented fluid, FER1000, and significantly increases to ten the number of types of fire which can be extinguished using a single bottle, being: 

 

· Lithium-ion batteries

· Bio-ethanol

· Motor oil

· Bio-diesel

· Diesel

· E5 & E10 petrol

· Electrical

· Textiles

· Timber/wood

· Cooking oil

 

The new StaySafe All-in-1 builds on and replaces the Group's successful debut product, the StaySafe 5-in-1, and makes the 'one stop shop' fire-extinguishing proposition even more compelling.  The international launch of the StaySafe All-in-1 will commence in H1 2023 through the Group's consumer and wholesale sales channels.

 

The evolution of this new fluid builds on the launch, in December 2022, of the Group's industrial-focused Lithium Thermal Runaway Fluid, designed to permanently extinguish and prevent the re-ignition of lithium-ion battery fires.

 

As with all the Group's existing extinguishing fluids, LifeSafe's new StaySafe All-in-1 is a non-toxic, non-hazardous, eco-friendly solution.

 

Dominic Berger, Executive Chairman of LifeSafe, said: "I am delighted to be able to announce the launch of our new All-in-1 fire extinguisher.  This once again highlights the innovative and dynamic nature of the Group and marks a major step forward in fire safety.  By being able to extinguish ten different types of fire, including lithium-ion batteries, whilst being eco-friendly, this product can provide people 'peace of mind' that what matters most to them will be protected.

 

"Alongside our strong FY22 results figures announced today, this launch shows that the business continues to go from strength to strength and I am very excited by what lies ahead for LifeSafe.''

 

– Ends –

 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR").  Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

The person responsible for arranging the release of this announcement on behalf of the Company is Mike Stilwell, Chief Financial Officer of the Company.

 

 

LifeSafe Holdings plc	Via Buchanan
Dominic Berger, Executive Chairman	www.lifesafeholdingsplc.com
Neil Smith, CEO
Mike Stilwell, CFO
WH Ireland Limited (Nominated Adviser & Broker)	Tel: +44 (0) 20 7220 1666
Chris Fielding
Darshan Patel
Buchanan (Financial Communications)	Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham	[email protected]
Jack Devoy

 

 

Notes to Editors

 

LifeSafe is a fire safety technology business that develops eco-friendly, novel and innovative fire extinguishing fluids with a range of life-saving fire safety products.  Through its highly experienced management team, LifeSafe is seeking to create new markets for the Group in fire safety through new technologies, digital marketing and multi-channel sales.

 

LifeSafe has developed what the Directors believe to be a market disrupting range of eco-friendly fire safety protection products including, launched in December 2022, a new Thermal Runaway Fluid to combat thermal runaway in lithium battery fires by permanently extinguishing and preventing the re-ignition of lithium fires.  This is an evolution of the Group's core FER1000 extinguishing fluid, for which the Group has been granted a patent in the UK, which has been developed by LifeSafe to extinguish five different types of fire: electrical, paper, textiles, cooking oil, and petrol and diesel.

 

The Group's best-selling product using this extinguishing fluid is the StaySafe 5-in-1 fire extinguisher.  It was launched on Amazon Prime in the UK in August 2021 and subsequently became Amazon Prime's top-selling fire extinguisher in the UK in the same month.  The StaySafe 5-in-1 and the PanSafe pan fire extinguisher were launched in Screwfix in Spring 2022.

 

LifeSafe is continuing to develop new fluid derivations for the industrial market.

 

LifeSafe was admitted to trading on AIM in July 2022 with the ticker LIFS.L.  For additional information please visit https://www.lifesafeholdingsplc.com .

 

LinkedIn: https://www.linkedin.com/company/lifesafe-technologies

Twitter: https://twitter.com/LifesafeT

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

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RNS Number : 0428W

Pennant International Group PLC

13 April 2023

 

 

FOR IMMEDIATE RELEASE                                                                                          13 April 2023

 

PENNANT INTERNATIONAL GROUP PLC

 Acquisition of UK Rail Services Business

  Significantly enhances existing Rail offering, adds recurring revenues and further diversifies Group business lines

 

Pennant International Group plc (AIM: PEN) (the "Company", the "Group"), a leading global provider of training technology and integrated product support solutions, is pleased to announce that it has acquired the entire issued share capital of Track Access Productions Limited ("TAP", the "Acquisition").

 

About TAP

 

·     Based in Bedfordshire, TAP was established in 2001 and provides driver training, route mapping and route familiarisation services to the UK rail industry. Clients comprise train operating companies, freight operating companies, engineering prime contractors and infrastructure providers.

 

·     Revenues are generated through a subscription-based web portal and through project-specific route mapping services.

 

· For the financial year ended 31 March 2023 ("FY23"), TAP's management accounts indicate:

 

o  revenues of circa £600,000 (FY22: £481,000) of which 50% is recurring, relating to portal subscriptions; and

 

o  profit before tax ("PBT") of circa £200,000 (FY22: PBT of £180,821).

 

·     The vendors, Ian and Jill Heys, the founders and owner/managers of TAP, will work a short transitional period to ensure a smooth handover. The rest of TAP's employees and consultants are expected to remain with the business.

 

Summary of the key terms of the Acquisition

 

·       The consideration payable in respect of the Acquisition comprises an enterprise value of £585,000, plus an amount of circa £389,000 in respect of TAP's 'free cash' after allowing for normalised working capital and repayment of debt ("Cash Free, Debt Free Adjustment").

 

·     The initial consideration payable is circa £798,500 (being 70% of the enterprise value, i.e. £409,500, plus the Cash Free, Debt Free Adjustment).

 

· A completion payment of £638,610 has been settled, based on verified estimates of the Cash Free, Debt Free Adjustment, with a balancing payment of circa £160,000 within the next two months following the production of completion accounts (to allow for any correction of estimates).

 

·   The balance of the overall consideration, comprising a deferred payment of £175,500 (being the remaining 30% of the enterprise value) is due 12 months after completion.

 

·     The acquisition agreement contains customary warranties and indemnities in respect of title, tax and various commercial matters as well as buyer protections in the form of restrictions on the future activities of the vendors and rights of setoff.

 

· The Acquisition is being funded entirely from the Group's existing cash resources.

 

Benefits of the Acquisition

 

· TAP's business aligns closely with Pennant's existing Track Access business unit and the Acquisition will consolidate the Group's presence in this market. The combined unit is expected to generate revenues for 2023 in the region of £850,000 and will be able to provide an enhanced offering to a broader customer base.

 

· The Acquisition also aligns with the Company's strategy, in particular it enhances the Group's recurring revenues, further diversifying into civilian markets, whilst bolstering the Group's 'third pillar' of rail products and services, complementing the Group's traditional core of IPS software and training technology.

 

 

Phil Walker, Group CEO , commented: "I am delighted to confirm the acquisition and to welcome the TAP team into the Pennant Group. TAP is an excellent business with a long-standing, trusted reputation in the UK rail market and we look forward to working together to integrate TAP into Pennant's growing rail offering."

 

 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

 

Enquiries:

 

Pennant International Group plc	www.pennantplc.co.uk
Philip Walker, CEO David Clements, Commercial & Risk Director	+44 (0) 1452 714 914
WH Ireland Limited (Nomad and Broker)	https://www.whirelandplc.com/capital-markets
Mike Coe Sarah Mather	+44 (0) 20 7220 1666
Walbrook PR (Financial PR)	[email protected]
Paul Vann Joe Walker	+44 (0)20 7933 8780 Mob: +44 (0)7768 807631

 

 

 

 

 

 

 

 

 

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