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Light Science acquires Injectaclad, takes full UK Circuits control and raises £6.6m to drive higher-margin growth.
This article covers information on Light Science Tech. Holdings PLC.
LON:LSTLight Science Technologies Holdings has announced two acquisitions and a fundraising to reshape the Group for higher-margin growth. The headline deal is the acquisition of RLUK Injection, owner of the Injectaclad passive fire protection system, for up to £4.8 million. Alongside that, the Group will buy the remaining 10% of UK Circuits and its Manchester property. To fund it, Light Science plans to raise up to £6.6 million at 1 pence per share via a placing and a retail offer.
On strategy, this is about margin, control, and scale. On risk, this is about execution, approvals, and dilution. Let’s unpack it.
The Company will acquire RLUK Injection, including Injectaclad, for up to £4.8 million in cash – £3.0 million upfront, £1.0 million deferred after 12 months, plus up to £0.8 million contingent on revenue targets over three years. Injectaclad is a patented, pumped graphite system for retrofitting cavity fire barriers without stripping building façades. This sits right in the heart of the UK’s cladding remediation market post-Grenfell.
Why this matters: Light Science already installs Injectaclad. Buying the IP and supply chain allows it to capture more of the value chain – installer margins plus product margins – while tightening control over quality, pricing and availability. It also creates a new revenue stream as a materials supplier to approved installers.
Jargon check: PFP means passive fire protection – products and systems that stop fire and smoke spreading. An earn-out is contingent consideration paid if milestones, here revenue targets, are hit.
Light Science will acquire the remaining 10% of UK Circuits for £270,000 and the connected Manchester property for £300,000 plus VAT. That removes around £45,000 of annual rent and gives optionality for future expansion or divestment.
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The Company intends to raise up to £6.6 million before expenses at 1 pence per share. That includes a £6.0 million placing – approximately £0.7 million on existing authorities and approximately £5.3 million conditionally subject to shareholder approval – and a retail offer of up to £0.6 million. The placing is not underwritten.
Jargon check: a placing is a share sale to institutional investors run quickly via a bookbuild. A retail offer lets existing UK retail holders apply on similar terms. EIS/VCT are UK tax relief schemes for qualifying investments.
For FY25 (year to 30 November 2025), Light Science reports unaudited Group revenue of £8.6 million (FY24: £12.0 million) and an unaudited operating loss of £0.6 million (FY24: operating profit £0.3 million). The main drag was lower sales from a key CEM customer.
| Injectaclad consideration | Up to £4.8 million (initial £3.0 million, deferred £1.0 million, contingent up to £0.8 million) |
| UK Circuits minority | £270,000 |
| Manchester property | £300,000 plus VAT; rent saving approximately £45,000 per year |
| Fundraising | Up to £6.6 million at 1 pence per share (Placing £6.0 million, Retail Offer up to £0.6 million) |
| Issue price discount | 65.5% to the 2.9 pence close on 10 March 2026 |
| PFP pipeline | Approximately £24 million, pending BSR approvals |
| Addressable market | £4.42 billion for passive fire remediation |
| FY25 Group revenue | £8.6 million (unaudited); operating loss £0.6 million (unaudited) |
| Cash at 30 Nov 2025 | £0.7 million; facilities fully utilised |
This is a decisive tilt towards higher-margin activities. Owning Injectaclad’s IP and supply chain can lift division-level economics and remove a key dependency. Folding in the last 10% of UK Circuits and buying the site simplifies control, cuts rent, and anchors a northern hub for PFP. The Board is talking about a mid-term revenue ambition of around £50 million, combining organic and inorganic growth – the acquisitions and balance sheet reset are the enablers.
This is a high-conviction pivot into owning the crown jewels of Light Science’s passive fire proposition while simplifying the Group and building a platform for scale. The valuation reset via a deep-discount raise is the cost of admission. If management executes – approvals arrive, installers consolidate, and product and install margins stack – the Group’s margin and cash profile should improve. If approvals stall or the raise under-delivers, the plan becomes harder.
On balance, strategically positive, financially demanding. Clear milestones to watch over the next quarter.
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