Light Science Technologies announces two contract wins

9th Sep 2024 12:43

(Sharecast News) - Light Science Technologies announced two significant contract wins for its passive fire protection (PFP) division on Monday, totaling around £0.15m.

The AIM-traded firm said the new contracts, awarded by construction companies in Liverpool and London, highlighted its expanding presence in fire safety solutions.

It said the Liverpool-based project, valued at about £0.12m, would involve providing passive fire protection for a research facility, with revenue expected to be fully realised within the current financial year.

The company said it saw potential for additional revenue from this client, which manages a portfolio of sites across the UK.

Additionally, Light Science recently completed a £25,000 PFP project at an office building on the Strand in London.

The wins came as part of a growing pipeline for the company's PFP division, which now exceeded £7m in quoted projects.

It said the division was continuing to strengthen relationships with clients, many of which oversee large property portfolios requiring fire safety remediation.

The demand for passive fire protection services was being driven by new legislation, including the Fire Safety Act 2021 and Building Safety Act 2022, which mandate safety upgrades for high-risk buildings.

With over 5,000 buildings over 18 metres and 35,000 buildings between 11 and 18 metres in height identified as requiring urgent fire safety improvements, Light Science said it was well-positioned to capitalise on the increasing need for remedial fire protection work across the UK.

"We continue to see strong demand within the PFP division," said chief executive officer Simon Deacon.

"Our cost effective and non-invasive retrospective installation of cavity fire barriers will help meet government targets in bringing buildings up to the required fire safety standards, giving building owners and their occupants peace of mind.

"Recent installations into office blocks, student accommodation and now the research facility in Liverpool have ranged significantly in sizes - between six and 18 metres-plus in height - highlighting the flexibility of our solutions as we focus on tackling the significant need to ensure fire security measures are met."

Deacon said that with 1,300 buildings in London alone needing priority remedial fire safety work, the company had an "excellent opportunity" to establish itself, and Injectaclad, as the preferred answer.

"As with everyone in this industry, the company followed the findings of the Grenfell Report closely and would embrace any proposed regulatory changes.

"We look forward to the government's response in due course and will fully support any legislation that is implemented."

At 1017 BST, shares in Light Science Technologies Holdings were down 1.69% at 2.9p.

Reporting by Josh White for Sharecast.com.