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
|
www.lightsciencetechnologiesholdings.com
|
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)