Passive Fire Protection Division Update
Light Science Technologies Holdings plc
("LSTH", "Light Science", the "Company" or the "Group")
Passive Fire Protection Division Update
Recent contract wins
PFP division quoted pipeline now in excess of £7m
Light Science Technologies Holdings plc (AIM: LST), comprising three divisions: Controlled Environment Agriculture ("CEA"); Contract Electronics Manufacturing ("CEM"); and Passive Fire Protection ("PFP"), announces two new contracts in its PFP division with construction companies in London and Liverpool, together worth c. £145,000.
The Liverpool based contract is for a research facility and is valued at c. £120,000, with revenues expected to be fully recognised within this financial year. As with other clients within the PFP division, there is scope to generate additional revenues from this customer's portfolio of sites throughout the UK.
The Company has also recently completed another PFP project at an office block in the Strand, London, worth c. £25,000. The division is currently working on projects in Nottingham, Manchester and Liverpool, and the PFP division has a current quoted pipeline worth in excess of £7 million.
The PFP division is focussed on strengthening relationships with its customers, who typically are responsible for portfolios of properties requiring remedial work in respect of fire safety. With the recently expanded capacity, the Company also continues to target new projects with new clients across the UK.
Furthermore, demand for remedial passive fire protection solutions is being driven by the Fire Safety Act 2021 and Building Safety Act 2022. Given the ongoing UK Government focus on developers, building owners, housing associations etc., undertaking remediation works continues to underpin the market, with over 5,000 high risk buildings nationwide over 18 metres high and a further 35,000 buildings between 11 and 18 metres* requiring urgent attention.
Simon Deacon, CEO of LSTH, commented: "We continue to see strong demand within the PFP division. 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 6 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.
"With 1,300 buildings in London alone needing priority remedial fire safety work**, we have an excellent opportunity to establish ourselves, 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."
* Estimators price cladding replacement at 10 times government budget (theconstructionindex.co.uk)
**London Fire Brigade calls for refit of all high-rise buildings - BBC News
For additional information please contact:
|
Light Science Technologies Holdings plc
|
|
|
Simon Deacon, Chief Executive Officer Jim Snooks, Chief Financial Officer Andrew Hempsall, Chief Operating Officer |
via Walbrook PR |
|
|
|
|
Strand Hanson Limited (Nominated & Financial Adviser) Ritchie Balmer / James Harris / Rob Patrick |
Tel: +44 (0) 20 7409 3494 |
|
|
|
|
Oberon Capital (Broker) Mike Seabrook / Nick Lovering |
Tel: +44 (0) 203 179 5300 |
|
|
|
|
Walbrook PR Ltd (Media & Investor Relations) |
Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com |
|
Nick Rome / Joe Walker |
|
Notes to Editors:
About Light Science Technologies Holdings plc (www.lightsciencetechnologiesholdings.com)
Light Science Technologies Holdings plc operates through three divisions: controlled environment agriculture ("CEA"); contract electronics manufacturing ("CEM"); and passive fire protection ("PFP"). 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 Light Science Technologies Ltd ("Light Science Technologies") and Tomtech (UK) Limited ("Tomtech") in the CEA division; UK Circuits and Electronics Solutions Limited ("UK Circuits") in the CEM division; and LSTH IFB Limited ("LSTH IFB") in the PFP division.
Controlled Environment Agriculture
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 medicinal 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 development, it aims to extend monitoring to soil temperature, soil moisture, and soil electroconductivity. 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 medicinal plants, addresses a robust market with an anticipated global worth exceeding US$6.5 billion by 2026. 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 in optimizing and automating 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 revenue-strong CEM-focused division. It excels in designing, procuring, and manufacturing high-quality CEM products, with a specialization in Printed Circuit Boards. These products find application across diverse sectors such as audio, automotive, electronics, gas detection, lighting, pest control, telecommunications, and, more recently, in the CEA market.
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 £5.1 billion allocation from the UK government. Serving as the UK's premier independent approved installer, LSTH IFB utilizes 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*.
* Estimators price cladding replacement at 10 times government budget (theconstructionindex.co.uk)
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.
Latest directors dealings
- 2 hours ago Frasers Group
- 2 hours ago Cavendish Financial
- 2 hours ago Diaceutics
- 2 hours ago AB Dynamics
- 16 hours ago Johnson Matthey