Light Science Technologies Share News (LST)

(Sharecast News) - Technology and manufacturing business Light Science Technologies said on Tuesday that it has inked two contracts with two new clients in its Passive Fire Protection division, which together were worth roughly £450,000.

Light Science Technologies said the contracts related to two projects - a hotel in Manchester and a school building in Birmingham. Importantly, Light Science highlighted that there was "significant potential" to increase the scope of both relationships.

The AIM-listed firm said the contracts, which will be completed in H225, further demonstrate the scale of the legislation-backed opportunity - with the group providing "a cost-effective and minimally disruptive solution".

Chief executive Simon Deacon said: "We are delighted by the improving momentum in the PFP division, seeing further conversion of the circa £24m quoted pipeline. Despite broader market issues causing some contract delays, specifically the long timescales taken by the Building Safety Regulator to sign off fire safety in tall buildings, and the UK Government responding by making structural changes to the regulator itself, we are now seeing this bottleneck starting to unblock and are confident that pipeline conversion will rapidly grow. Encouragingly, we are already seeing initial follow-on activity with one customer."

As of 1040 BST, Light Science shares were up 8.20% at 3.30p.

Reporting by Iain Gilbert at Sharecast.com