Light Science Technologies Holdings PLC (AIM:LST) has secured a £1.17 million order for its passive fire protection services.
The new contract, from a Manchester-based construction firm, involves fire safety upgrades for two residential tower blocks.
It follows the company's successful completion of work worth £520,000 on a previous project with the same client.
LSTH's Passive Fire Protection division focuses on upgrading fire safety in buildings, and many of its customers manage large property portfolios, which means the potential for repeat business is strong.
Investors were told the new order is expected to boost the company’s revenues and cash flow, with management anticipating steady growth in this area.
LSTH expects its Passive Fire Protection division to contribute between £1.5 million and £1.7 million in revenue by the end of the financial year, with ongoing contracts offering solid prospects for the future.
"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 £50 billion and is being driven by increasing regulation," said CEO Simon Deacon.
"We've previously highlighted the considerable opportunity for follow-on contracts in this division 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."