Light Science Technologies secures £750,000 contract in Nottingham

“We are delighted to be working with a world leader in construction.”

Simon Deacon, Chief Executive Officer at LSTH

Light Science Technologies Holdings plc (AIM: LST) has announced a significant contract win for its passive fire protection division, LSTH IFB Limited, as reported by Light Science Technologies.

The contract, valued at over £750,000, involves installing the Injectaclad cavity sealant throughout an 11-storey student accommodation block in Nottingham.

The contract is with a blue-chip leader in the construction sector, active in more than 120 countries.

LSTH IFB will deploy an eight-person team to drill access holes through structural insulated timber panels and install Injectaclad at every floor level.

The project has already commenced and is expected to continue until December 2024, with revenue recognition in the second half of the current financial year.

Expansion of LSTH IFB’s market reach

Since acquiring Injecta Fire Barrier’s trade and assets in November 2023, Light Science Technologies has strategically positioned LSTH IFB to leverage the growing fire safety retrofit market in the UK.

This market is estimated to be valued up to £50 billion.

In addition to the recent £600,000 contract won in November 2023, the latest contract further demonstrates the company’s ability to secure new business, with a quoted pipeline of sales opportunities currently exceeding £10 million.

Simon Deacon, Chief Executive Officer at LSTH, commented: “Injecta Fire Barrier is a cash-generative, high-margin and scalable business and this latest contract win highlights the significant potential here.

“We are delighted to be working with a world leader in construction, and expect that this initial contract could lead to further work within their extensive portfolio and provide us with a case study we can take to new customers.

“They have an extremely strong footprint in the UK and with legislation underpinning demand for increased building safety, we believe that we are well placed to rapidly scale.”

New leadership for LSTH IFB

In related news, Light Science Technologies announced the appointment of Shaun Tasker as Managing Director of LSTH IFB.

Tasker brings over 20 years of experience in commercials, sales, and operations.

He has managed multimillion-pound businesses and co-managed his own facilities management company.

Tasker’s focus will be on converting and growing the PFP pipeline.

He will collaborate closely with the team to strengthen the Injecta Fire Barrier brand and expand its operational reach.

Simon Deacon expressed confidence in Tasker’s ability to drive growth, stating: “We are in active talks with a number of prospects, and look forward to providing further updates in due course.

“In addition, we are delighted to welcome Shaun to the team and believe that his experience and industry contacts will further help drive growth.”