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This microcap’s technology has multi-bagger potential

The company’s solution to retrofit fire safety requirements is a potential game-changer

This microcap’s technology has multi-bagger potential

Published on September 24, 2025

by Simon Thompson

Simon Thompson’s view

A below the radar microcap company is rolling out the world’s first remediation system for retrospectively installing missing and defective cavity fire barriers to buildings using a pumped system, alleviating the need for full-scale facade removal. Deployment is set to increase sharply given that the value proposition to customers is so strong and the addressable UK market is huge. The business unit is already profitable and has trebled its sales pipeline in the past year. As operational gearing kicks in, it could easily be worth double the group’s current market capitalisation within 12 months. For good measure, the rest of the operations are worth around half of the group’s current enterprise valuation.

CPX ticks a lot of Defence requirements for 21st century weaponry.

Waited and watched....all the components seem to be stacking up after all the previous ups and downs. I feel this is a pivotal month. Interesting.

Hardide has had long lead times for validation absolutely due to the whole nature of its business. The fruits of that lengthy process are now showing and should increase quickly. Aerospace is now the driver but coating of copper nozzles for off-the-shelf supply is a super use of furnace down time to supply a hungry market given the huge increase in replacement time of the Hardide product. All should be feeding through now. Sad to see lack of patience result in material loss to those who can't wait. All will be revealed soon.

One of the big forward drivers for the fire protection arm is the yet to be highlighted fact that mortgage companies will not lend against a a property that needs cladding remedial action. Enter LST. The future looks increasingly bright.

I posted this on 19th August when spread was 2.5/2.7 and it applies now more than ever. This has Outperform written all over it.

Total dissonance between progress and shareprice.

LOOK at the company, look at it's components, look at it's credentials and look at the inroads it is making into sustainability and safety. This is the kind of British entrepreneurial business I want to herald to my children and grandchildren. A company that is making positive moves on a better future. It has the support and backing of visionaries like Dyson Farming, University research projects and Fire Protection officers and architects. It manufactures onshore here in the UK and flies the flag whilst annually increasing revenue and profits. The shareprice is being traded around with a total disconnect from the fundamentals here. Management are seasoned, competent and trailblazers with plenty of shares reflecting their confidence here. Regardless of all the groundless negativity being posted, this is a little gem of a share at a basket-case price. Yes, I'm loading up as it ticks my morality boxes and sits in my comfort zone. The huge swings will subside as common sense prevails. Cheap as chips.

So it's Dowgate continuing to mop up sales and increase their holding. The fact thar this institutional holder reversed it's initial decision yo reduce is a strong indicator of underlying confidence from a hands-on investor. Looks excellent news as the year unfolds.

Annoying that this persistent presumably p/f balancer hasn't finished selling yet. Surely we're due a holding RNS soon and the price can resume a level consistent with its prospects. Frustrating....

Given the prospects and outlook this should be trading in double digits imo.

Perfect on-shore mega UK growth stock in the making.

This company could so easily be the target of predatory interest at this level given the huge potentials unfolding. Luceco et al must be running projections over this onshore gem.

One voice singing in the darkness..but.. now investors are DTR and waking up to the future here. 3 legs: 3 concepts and 3 green profit machines for the 2020s forward.

Given the positive outlook, competent management and low MCap I'm frankly surprised that LST is maintaining it's independence. Especially with acquisitive companies like Luceco looking to escalate earnings with minimum interference. Perfect greenspace opportunity.

Two comments underpin my guarded optimism. The first from the interims and the second from the recent addition of two (possibly transformational?) contracts...

GOV.UK, and the majority of UK housebuilders (including Barratt Redrow, Bellway, Berkeley Group and Taylor Wimpey) are focused on increasing remediation works with significant financial provisions for fire safety now set aside.

The two contracts relate to two projects, in Manchester and Birmingham respectively, and address the remediation of a hotel operated by a prominent multinational chain, and a school building for a leading UK construction company. Importantly, there is significant potential to increase the scope of both of the relationships with a large number of additional buildings within the respective new clients' portfolios.

The scenario I've scheduled below is solid but I think that will be beaten. I haven't posted that as I would draw the usual uninformed criticism of overoptimism.

I am comfortable here that once the p/f adjusting seller has cleared we will see a gap-jump/upswing. I've even added another sizeable chunk to my holding today at a price I regarded as long gone. Happy bunny. There are multiple near term triggers imo here.

Light Science could close FY 2025 with revenue of £12–13 million, gross margin approaching ~38%, and modest full-year pre-tax profit of £150–250 k. That would represent a full-year turnaround and meaningful validation of under-promise, over-deliver strategy. I think there will be a marked shift in revenue mix going forward. H1 margin was 36.3%. If PFP and AGT continue to take a greater share (both higher-margin), full-year gross margin could reach 37–38%, possibly even 39% in an optimistic scenario

PFP (H1: 19% of group revenue, high gross margins 64%), AGT (10.9%, decent margins 42%), versus CEM (70%, lower margin)

Eventually......... this determined seller will exit and allow the share to retrace it's previous trajectory reflecting it's true prospects. Till then it's just a waiting game or taking advantage of depresses share price.

If not today then we are very close. : A lone observer standing apart from the crowd, perceiving shifts or events that others might miss I see Injecta Fire Barrier being the dark horse in this tri-skill company. Happy to wait.

Very upbeat and competent BoD comments in the last t/u. Their 10% holding in EAAS is performing as planned and internal acquisition assimilation looks solid. Yep, should retrace back to 140 and onward imo.