Contract Wins
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596 / 2014 WHICH FORMS PART OF UNITED KINGDOM LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Light Science Technologies Holdings plc
("LSTH", "Light Science", the "Company" or the "Group")
Contract Wins
Light Science Technologies Holdings plc (AIM: LST), the innovative technology and manufacturing business providing real-world solutions targeting issues including global food security and fire safety, announces that it has signed two contracts with two new clients in its Passive Fire Protection ("PFP") division, which together are worth c.£0.45m.
The contracts relate to two projects, in Manchester and Birmingham respectively, and address the remediation of a hotel operated by a prominent multinational chain, and a school building for a leading UK construction company. Importantly, there is significant potential to increase the scope of both of the relationships with a large number of additional buildings within the respective new clients' portfolios.
The contracts, which will be completed in H2 2025, further demonstrate the scale of the legislation-backed opportunity - with the Company providing a cost-effective and minimally disruptive solution. This requirement is immediate, substantive and growing, and Government has been particularly vocal about its commitment to clearing the remediation backlog. The Company continues to benefit from growing demand from both existing and new customers.
Reforms to Building Safety Regulation to accelerate house building and remediation
The recent creation of an arm's length body under the Ministry of Housing, Communities and Local Government, taking on functions of the Building Safety Regulator, is expected to result in a fast-track process for new builds and remediation. Once implemented, the Board believes that there will be further opportunities to scale operations.
The Company is in active talks with a number of potential and existing customers, and the Board is confident of securing new contracts in the near-term. Importantly, it is seeing growing demand for larger projects, which is expected to further increase the contribution from the PFP division.
Simon Deacon, CEO of LSTH commented: "We are delighted by the improving momentum in the PFP division, seeing further conversion of the c.£24 million quoted pipeline. Despite broader market issues causing some contract delays, specifically the long timescales taken by the Building Safety Regulator to sign off fire safety in tall buildings, and the UK Government responding by making structural changes to the regulator itself, we are now seeing this bottleneck starting to unblock and are confident that pipeline conversion will rapidly grow. Encouragingly, we are already seeing initial follow-on activity with one customer.
This is a legislation-backed opportunity and our solution is already proven, with a growing number of existing and new clients wanting to rectify non-compliant public and private buildings, spanning residential, commercial, and industrial sectors."
For additional information please contact:
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Light Science Technologies Holdings plc Simon Deacon, Chief Executive Officer Jim Snooks, Chief Financial Officer Andrew Hempsall, Chief Operating Officer
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www.lightsciencetechnologiesholdings.com via Walbrook PR
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Shore Capital (Nominated Adviser and Broker) Tom Griffiths / George Payne
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+44 (0)20 7408 4050 |
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Walbrook PR Ltd (Media & Investor Relations) Nick Rome / Joe Walker |
Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com |
Notes to Editors:
About Light Science Technologies Holdings plc (www.lightsciencetechnologiesholdings.com)
Light Science Technologies Holdings plc operates through three divisions: Passive fire protection ("PFP"); AgTech ("AGT") and contract electronics manufacturing ("CEM"). The company is involved in the design, manufacturing, and installation of products and customized solutions spanning various industry sectors, including commercial horticulture, pest control, lighting, audio, gas detection, and fire protection. With a focus on addressing global challenges related to food security, climate change, and fire protection, the Group is committed to developing robust solutions in these rapidly growing market sectors.
LSTH is the holding company for LSTH IFB Limited ("LSTH IFB") in the PFP division; Light Science Technologies Ltd ("Light Science Technologies") and Tomtech (UK) Limited ("Tomtech") in the AGT division and UK Circuits and Electronics Solutions Limited ("UK Circuits") in the CEM division.
Passive Fire Protection (https://injectafirebarrier.com/)
LSTH IFB offers a practical and cost-effective solution to rectify non-compliant public and private buildings, spanning residential, commercial, and industrial sectors, with regard to fire safety regulations - a challenge addressed by a £6.1 billion allocation from the UK government. Serving as the UK's premier independent approved installer, LSTH IFB utilises the ground-breaking Injectaclad fire-resistant graphite barrier system. This system is retroactively installed within building cavities, reinstating fire-resistant performance and containing the spread of fire and smoke compliant with regulatory requirements. This innovative solution stands out as an appealing alternative to the more costly and disruptive method of removing external facades and installing traditional fire barriers. With a proven track record in the passive fire protection market and a robust sales pipeline, LSTH IFB targets a UK market potentially valued at up to £50 billion*.
AgTech
The Group's tailored solutions encompass control systems, grow lights, sensor technology, venting, and irrigation systems, catering to both UK and global customers. Key markets include indoor, vertical, glasshouses, polytunnels, and more recently wider applications in broadacre farming. Driving factors comprise global food and water shortages, a growing population, government policies promoting sustainable growth methods, heightened scrutiny of food production's impact on climate change, and a shift away from processed foods. Key markets span the Americas, Australasia, and select locations in the Middle East.
The sensorGROW technology enables real-time monitoring of essential air zone growing factors such as carbon dioxide, air humidity, air pressure, air temperature and light, in addition to essential root zone cardinals such as soil temperature, soil moisture, and soil electroconductivity. Further developments to monitor greenhouse gases, initially Nitrous Oxide (N20) are in progress. This empowers farmers to enhance resource management, saving costs on water, nutrients, fertilizers, and energy, while simultaneously increasing yields and cultivating healthier crops. Learn more here: https://lightsciencetech.com/sensorgrow/ . The nurturGROW sustainable grow lighting product range, applicable to greenhouses, vertical farming, polytunnels, and licensed medicinal plants, addresses a robust market with an anticipated global worth of £9.1 billion** by 2030. Explore solutions here https://lightsciencetech.com/solutions/greenhouse/
Through Tomtech, the Group stands out as a UK leader in control systems for commercial greenhouses and polytunnels. Tomtech enables growers to optimise and automate cultivation environments, leading to superior crop growth. The product range includes control systems, software, irrigation, lighting, sensors, and venting, applicable across various crops, ultimately improving yields and profitability. Discover more here https://www.tomtech.co.uk/
Contract Electronics Manufacturing (https://www.ukcircuits.co.uk/)
UK Circuits serves as the Group's profitable and well-established CEM-focused division. It excels in designing, procuring, and manufacturing high-quality electronic products, with a specialisation in printed circuit boards. These products find application across diverse sectors such as audio, automotive, electronics, gas detection, lighting, pest control, telecommunications and AgTech.
* Estimators price cladding replacement at 10 times government budget (theconstructionindex.co.uk) 2021
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