Light Science Technologies Holdings PLC (AIM:LST) (LSTH) has won two new passive fire protection contracts.
Combined, the contracts with construction companies in London and Liverpool are worth around £145,000, LSTH said in a statement on Monday.
This includes £120,000 for a research facility in Liverpool, as well as a £25,000 contract relating to an office block in the Strand, London.
LSTH added there was scope for further contracts following the deal with the customer in Liverpool.
These take LSTH’s passive fire protection contract pipeline to over £7 million, with the company adding demand for such products was being driven by the need for remedial work following the 2017 Grenfell Tower disaster.
“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,” chief executive Simon Deacon commented.
“With 1,300 buildings in London alone needing priority remedial fire safety work, we have an excellent opportunity to establish ourselves.”
Some 5,000 buildings over 18 metres tall require attention nationwide following calls for fire safety after Grenfell, LSTH said, alongside 35,000 between 11 and 18 metres.
“As with everyone in this industry, the company followed the findings of the Grenfell Report closely and would embrace any proposed regulatory changes, Deacon added, after the final inquiry into the disaster was published last week.
Light Science Technologies wins two fire protection contracts (proactiveinvestors.co.uk)
