REG - Light Science Tech. - PFP Contract Win Worth in Excess of £750,000

Light Science Technologies HoldingsAnnouncement

19/06/2024 07:00

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RNS Number : 9334S  Light Science Tech. Holdings PLC  19 June 2024

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Light Science Technologies Holdings plc

("LSTH", "Light Science", the "Company" or the "Group")

 

New blue-chip customer contract worth in excess of £750,000 in the Passive
Fire Protection Division

 

Appointment of Passive Fire Protection Division Managing Director

 

Light Science Technologies Holdings plc (AIM: LST), comprising three
divisions: controlled environment agriculture ("CEA"); contract electronics
manufacturing ("CEM") and passive fire protection ("PFP"), announces an
initial contract with a new blue-chip customer worth in excess of £750,000,
for its passive fire protection division, LSTH IFB Limited ("LSTH IFB").

 

The contract, with a blue-chip world leader in the construction sector, which
is active in more than 120 countries, involves LSTH IFB installing the
Injectaclad cavity sealant throughout an 11-storey student accommodation block
in Nottingham. LSTH IFB will provide an eight-person team that will drill
access holes through the structural insulated timber panels, then install
Injectaclad horizontally at every floor level - per the video here
(https://injectafirebarrier.com/wp-content/uploads/2023/11/Injectaclad-Animation.mp4)
. Work on the contract has now commenced and is expected to run until December
2024, with revenues being recognized in H2 of the current financial year.

 

Since announcing the earnings enhancing acquisition of Injecta Fire Barrier's
trade and assets in November 2023, the Company has positioned LSTH IFB to take
advantage of the growing fire safety retrofit market in the UK, a market
estimated to be valued up to a potential of £50 billion*. In addition to the
£600,000 contract won in November 2023, which is now over 50% progressed and
due to be completed in H2 of the current financial year, this latest contract
further demonstrates the Company's ability to convert its PFP quoted pipeline
of sales opportunities, which currently stands at over £10 million.

 

New Divisional Managing Director

The Company is also pleased to announce that Shaun Tasker has been appointed
as Managing Director of LSTH IFB. Shaun brings over 20 years of experience in
commercials, sales, and operations.

 

Having successfully managed multimillion-pound businesses and co-managed his
own facilities management company for several years, Shaun has demonstrated
his expertise in running multiple enterprises. His extensive experience spans
various facets of business, including project management, marketing, finance,
and construction, as well as negotiating purchases and sales.

 

Shaun will focus on converting and growing the PFP pipeline and will work
closely with the wider team with a view to further strengthening the Injecta
Fire Barrier brand and operating reach.

 

*
(https://www.theconstructionindex.co.uk/news/view/estimators-price-cladding-replacement-at-10-times-government-budget)
Estimators price cladding replacement at 10 times government budget
(theconstructionindex.co.uk)
(https://www.theconstructionindex.co.uk/news/view/estimators-price-cladding-replacement-at-10-times-government-budget)

 

Simon Deacon, Chief Executive Office 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.

 

"This is LSTH IFB's second contract win since the Company's trade and assets
acquisition in November 2023, further demonstrating the opportunity for us to
create an operationally self-funded, cash-backed group. Management is
increasingly confident of the significant growth potential and the Company's
ability to add further contracts. 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."

 

For additional information please contact:

 

 Light Science Technologies Holdings plc                    www.lightsciencetechnologiesholdings.com

                                                          (http://www.lightsciencetechnologiesholdings.com/)

 Simon Deacon, Chief Executive Officer                      via Walbrook PR

 Jim Snooks, Chief Financial Officer

 Andrew Hempsall, Chief Operating Officer

 Strand Hanson Limited (Nominated & Financial Adviser)      Tel: +44 (0) 20 7409 3494

 Ritchie Balmer / James Harris / Rob Patrick

 Oberon Capital (Broker)                                    Tel: +44 (0) 203 179 5300

 Mike Seabrook / Nick Lovering

 Walbrook PR Ltd (Media & Investor Relations)               Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com (mailto:lst@walbrookpr.com)
 Nick Rome / Joe Walker

 

Notes to Editors:

 

About Light Science Technologies Holdings
plc (www.lightsciencetechnologiesholdings.com
(http://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/
(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/
(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/
(https://www.tomtech.co.uk/)

 

Contract Electronics Manufacturing (https://www.ukcircuits.co.uk/
(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/
(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*.

 

 

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