(Sharecast News) - Light Science Technologies announced a significant contract worth over £0.75m on Wednesday, with a new blue-chip customer, for its passive fire protection division LSTH IFB.
The AIM-traded firm said the contract would involve the installation of Injectaclad cavity sealant in an 11-storey student accommodation block in Nottingham.
LSTH IFB would deploy an eight-person team to drill access holes through structural insulated timber panels and install Injectaclad horizontally at every floor level.
Work on the project had already started, and was expected to continue until December, with revenues recognized in the second half of the current financial year.
The contract followed the company's acquisition of Injecta Fire Barrier's trade and assets in November last year, positioning LSTH IFB to capitalise on the UK's growing fire safety retrofit market, estimated to be worth up to £50bn.
The previous £0.6m contract won in November was over 50% complete and due to finish in the second half of the financial year.
Light Science said the new contract reinforced its capability to convert its pipeline of sales opportunities, currently valued at over £10m.
"Injecta Fire Barrier is a cash-generative, high-margin and scalable business and this latest contract win highlights the significant potential here," said chief executive officer Simon Deacon.
"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."
Additionally, the company said it had appointed Shaun Tasker as managing director of LSTH IFB.
With more than 20 years of experience in commercial, sales, and operational roles, it said Tasker had managed multimillion-pound businesses and co-managed his own facilities management company.
He would bring extensive expertise in project management, marketing, finance, and construction.
Tasker would focus on expanding the PFP pipeline and strengthening the Injecta Fire Barrier brand and its market reach.
At 1008 BST, shares in Light Science Technologies Holdings were up 8.43% at 2.77p.
Reporting by Josh White for Sharecast.com.
Light Science (LST)