21st Oct 2024 13:29
(Alliance News) - Light Science Technologies Holdings PLC on Monday announced it has received a GBP1.2 million follow-on order from an existing customer in its Passive Fire Protection division.
The Derbyshire, England-based agricultural lighting and monitoring systems provider said the order was with an unnamed construction services company based in Manchester, and was due to be completed in the first half of 2025.
Light Science Technologies will provide its Injectaclad cavity remediation in two additional tower blocks, following its first project with the same customer. Its first contract has now completed around GBP520,000 of the approximately GBP600,000 total order.
The company said it expects the Passive Fire Protection division's revenue contribution for the year due to end November 30 to increase 13% to GBP1.7 million from GBP1.5 million, with ongoing contracts providing "a good level of visibility" for the next financial year.
Chief Executive Officer Simon Deacon said: "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 GBP50 billion and is being driven by increasing regulation. We've previously highlighted the considerable opportunity for follow-on contracts in this division and so are pleased to report early evidence of our ability to win both new and repeat work. We are seeing increasing levels of enquiries as this market develops - with regulation and our proven ability to service our customers underpinning confidence in our ability to further grow our client base.
"Passive Fire Protection has now received orders worth in excess of GBP2.5 million since being established in 2023. With a committed order book currently standing at approximately GBP1.4 million, it is well positioned within a significant growth market. We are excited by the significant opportunities within our existing and potential customer base, and with GBP1 billion of the government's GBP5.1 billion allocated spend on cladding remedial works now committed, we look forward to providing further updates in due course."
Shares in Light Science Technologies were up 5.1% at 2.73 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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