Light Science Technologies Holdings PLC (AIM:LST) CEO Simon Deacon speaks with Proactive's Stephen Gunnion about the company's recent successes in the Passive Fire Protection (PFP) division, announcing the completion of new contracts worth £145,000.
Proactive: Hello, you're watching Proactive. I'm joined by Light Science Technologies CEO Simon Deacon. Simon, good to speak with you. You've announced more good news out of the Passive Fire Protection Division. Can you tell us about the contracts?
Simon Deacon: Morning, Stephen. Yeah, we've won some new contracts. One based down in London, in the Strand, for an office block that we recently completed. We've also won a job in Liverpool for a research facility. The total value of these contracts is £145,000, bringing the total to just under £2 million of work. These projects will be completed within this financial year, and we have other jobs around the country in Salford, Liverpool, London, and Nottingham.
Proactive: You highlight the opportunity for repeat work in the sector. What does your typical customer look like?
Simon Deacon: Our typical customer is usually a large, public company that has built several buildings over the years that require remedial work. Our injector clad product is a faster way to install a fire barrier within building cavities. Fires spread quickly through cavities if there’s no barrier, especially if there’s flammable material. Our product expands 25 times its size when a fire takes hold, creating a barrier and offering up to two hours of fire resistance. It’s all about ensuring people can get out of the building safely.
Proactive: The Grenfell inquiry highlighted problems in our building stock. What legislative outcomes do you think could arise from it?
Simon Deacon: A lot needs to come out of the inquiry. Some buildings are up to 80 years old, and some frighteningly were built just five or six years ago after Grenfell. It's crucial to use the right products for remedial work and ensure they’re tested properly. We are also working on an early warning system that can alert occupants to fire in a building’s cavity through an app or the building's control system. This could help prevent situations where occupants are unaware of a fire.
Proactive: Is your Passive Fire Protection division performing as expected within the wider group?
Simon Deacon: Yes, we’ve done over £7 million worth of quotations in the PFP division. Across the group, we have £50 million in quoted business, including controlled environment agriculture and contract electronics. There are over 11,000 buildings above 18m and 33,000 buildings between 11m and 18m in height, so the demand is significant. We’re converting more quotes into contracts, and we’re seeing good margins, around 50%. We believe this will be a record-breaking year for Light Science Technologies.