Business
PFP Contract Win Worth in Excess of £750,000
PFP Contract Win Worth in Excess of £750,000.
About this update from Light Science Technologies Holdings Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596 / 2014 WHICH FORMS PART OF UNITED KINGDOM LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \nLight Science Technologies Holdings plc\n(\"LSTH\", \"Light Science\", the \"Company\" or the \"Group\")\n \nNew blue-chip customer contract worth in excess of £750,000 in the Passive Fire Protection Division\n \nAppointment of Passive Fire Protection Division Managing Director\n \nLight 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\").\n \nThe 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. 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.\n \nSince 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.\n \nNew Divisional Managing Director\nThe Company is also pleased to announce that Shaun Tasker has been appointed as...