Light Science Technologies secures £1.17m follow-on fire protection order in Manchester

Light Science Technologies Holdings (LSTH) has secured a follow-on order worth £1.17 million from a Manchester-based construction services company.

The order is for the Injectaclad cavity remediation system in two additional residential tower blocks and is part of LSTH’s Passive Fire Protection (PFP) division.

The project is scheduled for completion in the first half of 2025.

This new contract follows the first phase of work with the same customer, where LSTH has already completed approximately £520,000 of an order valued at around £600,000.

Expected financial contribution from PFP division

LSTH’s PFP division has experienced increasing contract activity, and its management anticipates a strong financial contribution from this sector for the current financial year ending in November 2024.

Revenues from the PFP division during the first half of the year reached £300,000, and the full-year contribution is expected to total between £1.5 million and £1.7 million.

The company’s ongoing contracts are expected to provide clear visibility into the next financial year, with the PFP division poised for further growth.

CEO highlights growth in fire safety market

LSTH’s CEO, Simon Deacon, commented on the importance of the new contract: “We’re pleased to win this considerable contract which also increases our visibility and represents growing traction in the conversion of the wider Group quoted pipeline, which currently stands at £50m.”

Deacon added: “The division is well placed to capitalise on the UK’s fast-growing fire safety market, which has a potential total value of up to £50bn and is being driven by increasing regulation.”

Deacon further noted that the PFP division has received over £2.5 million in orders since its establishment in November 2023, and with a committed order book of £1.4 million, it is well-positioned for continued growth.

Increased regulation driving market demand

The UK’s fire safety market is experiencing rapid growth, largely driven by new regulations aimed at improving safety standards.

LSTH expects to see further growth opportunities as a result of these developments.

The company has observed an increasing number of enquiries, reflecting confidence in its ability to meet the demands of the growing market.

LSTH’s capacity to service both new and existing clients has been a critical factor in the PFP division’s success.

Deacon noted: “We are excited by the significant opportunities within our existing and potential customer base.

“With £1 billion of the Government’s £5.1 billion allocated spend on cladding remedial works now committed, we look forward to providing further updates.”

Light Science Technologies secures £1.17m follow-on fire protection order in Manchester: Summary

Light Science Technologies Holdings (LSTH) has announced a £1.17 million follow-on order from a Manchester-based customer for passive fire protection work on two additional residential tower blocks.

The order, part of the company’s Passive Fire Protection (PFP) division, is scheduled to be completed by mid-2025.

The PFP division has received over £2.5 million in orders since November 2023, and LSTH expects full-year revenues from this division to be between £1.5 million and £1.7 million.

CEO Simon Deacon noted that the company is well-placed to capitalise on the UK’s growing fire safety market, driven by increasing regulatory demand.