Business Update, Notice of Results & Investor Pres
Light Science Technologies Holdings plc
("LSTH", "Light Science", the "Company" or the "Group")
Business Update, Notice of Results & Investor Presentation
Light Science Technologies Holdings plc (AIM: LST), comprising three divisions: controlled environment agriculture ("CEA"); contract electronics manufacturing ("CEM") and passive fire protection ("PFP"), is pleased to provide the following business update and notice of results (for the 12 months to 30 November 2023).
Contract Electronics Manufacturing
Susan Johnson has been appointed Business Development Manager in the CEM division for UK Circuits. Susan brings substantial experience in the electronics industry and will lead business development, focusing on new growing markets sectors, bringing new clients to the business, and servicing the existing customer base.
Additionally, the first 100 units of UK Circuits' initial order for the sports entertainment market segment, announced 8 February 2024, have now been delivered; delivery of the remaining 4,900 units is expected in Q2 2024. The Board believes that this venture holds significant potential for follow on revenue in this new segment.
The CEM division's current forward order book remains strong at over £4 million, putting it on track when combined with orders already invoiced, to meet internal sales expectations for H1 2024, and setting a solid foundation for the second half of the year.
Controlled Environment Agriculture
The CEA division continues its strategy of integrating the products and technologies of Tomtech and Light Science Technologies. Experienced industry professional, Jonathan Barton, is leading the sale of products in the UK. Globally, the division is continuing its work on setting up distributor agreements.
The pipeline of quoted business currently stands at nearly £40 million in this division.
Passive Fire Protection
The PFP division continues to roll out its project in Manchester and to develop its strong pipeline of quoted work, now valued over £9 million, in a UK market potentially worth up to £50 billion*. The Group's current contract being implemented in Manchester is worth over £600,000 and is the first since LSTH's acquisition of Injecta Fire Barrier trade and assets ("IFB").
Simon Deacon, Chief Executive Officer of LSTH, commented: "We are pleased to see the continuation of the strong momentum that has been building in the Group. I'm proud to note the initial delivery of units in our first ever sale to the sports entertainment market in the CEM division, which I believe is a strong indicator of the versatility that UKC boasts as we focus on increasing margin and opening up new markets.
"As a Board, we are extremely excited by the prospects of our CEA division after the acquisition of Tomtech last year, and as the world begins to recognise and adapt to the challenges that threaten growing practices and food security in the years to come.
"We believe we will see more growth in the market as food security around the world is taken more seriously - driven particularly through extreme weather pattens and a desire for healthier food production."
Notice of 2023 Results
The Company expects to announce its audited results for the year ended 30 November 2023, on Wednesday 8 May 2024.
Investor Presentation: 4:00pm, Wednesday 8 May
Management will be providing a presentation and hosting an investor Q&A session on the Company's 2023 results and future prospects, on Wednesday 8 May at 4:00pm (BST). Investors can sign up for free and register to meet LSTH via the following link: https://www.investormeetcompany.com/light-science-technologies-holdings-plc/register-investor
Investors who have already registered on the Investor Meet Company platform to meet the Company, will automatically be invited.
Questions can be submitted pre-event via the platform, or by emailing lst@walbrookpr.com, or in real time during the presentation via the "Ask a Question" function.
* Estimators price cladding replacement at 10 times government budget (theconstructionindex.co.uk) 2021
For additional information please contact:
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Light Science Technologies Holdings plc
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Simon Deacon, Chief Executive Officer Jim Snooks, Chief Financial Officer Andrew Hempsall, Chief Operating Officer |
via Walbrook PR |
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Strand Hanson Limited (Nominated & Financial Adviser) Ritchie Balmer / James Harris / Rob Patrick |
Tel: +44 (0) 20 7409 3494 |
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Oberon Capital (Broker) Mike Seabrook / Nick Lovering |
Tel: +44 (0) 203 179 5300 |
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Walbrook PR Ltd (Media & Investor Relations) |
Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com |
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Nick Rome / Paul McManus |
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Notes to Editors:
About Light Science Technologies Holdings plc (www.lightsciencetechnologiesholdings.com)
Light Science Technologies Holdings plc operates through three divisions: controlled environment agriculture ("CEA"); contract electronics manufacturing ("CEM"); and passive fire protection ("PFP"). The company is involved in the design, manufacturing, and installation of products and customized solutions spanning various industry sectors, including commercial horticulture, pest control, lighting, audio, gas detection, and fire protection. With a focus on addressing global challenges related to food security, climate change, and fire protection, the Group is committed to developing robust solutions in these rapidly growing market sectors.
LSTH is the holding company for Light Science Technologies Ltd ("Light Science Technologies") and Tomtech (UK) Limited ("Tomtech") in the CEA division; UK Circuits and Electronics Solutions Limited ("UK Circuits") in the CEM division; and LSTH IFB Limited ("LSTH IFB") in the PFP division.
Controlled Environment Agriculture
The Group's tailored solutions encompass control systems, grow lights, sensor technology, venting, and irrigation systems, catering to both UK and global customers. Key markets include indoor, vertical, glasshouses, polytunnels, and medicinal farming. Driving factors comprise global food and water shortages, a growing population, government policies promoting sustainable growth methods, heightened scrutiny of food production's impact on climate change, and a shift away from processed foods. Key markets span the Americas, Australasia, and select locations in the Middle East.
The sensorGROW technology enables real-time monitoring of essential air zone growing factors such as carbon dioxide, air humidity, air pressure, air temperature, and light. In development, it aims to extend monitoring to soil temperature, soil moisture, and soil electroconductivity. This empowers farmers to enhance resource management, saving costs on water, nutrients, fertilizers, and energy, while simultaneously increasing yields and cultivating healthier crops. Learn more here https://lightsciencetech.com/sensorgrow/ . The nurturGROW sustainable grow lighting product range, applicable to greenhouses, vertical farming, polytunnels, and medicinal plants, addresses a robust market with an anticipated global worth exceeding US$6.5 billion by 2026. Explore solutions here https://lightsciencetech.com/solutions/greenhouse/
Through Tomtech, the Group stands out as a UK leader in control systems for commercial greenhouses and polytunnels. Tomtech enables growers in optimizing and automating cultivation environments, leading to superior crop growth. The product range includes control systems, software, irrigation, lighting, sensors, and venting, applicable across various crops, ultimately improving yields and profitability. Discover more here https://www.tomtech.co.uk/
Contract Electronics Manufacturing (https://www.ukcircuits.co.uk/)
UK Circuits serves as the Group's profitable and revenue-strong CEM-focused division. It excels in designing, procuring, and manufacturing high-quality CEM products, with a specialization in Printed Circuit Boards. These products find application across diverse sectors such as audio, automotive, electronics, gas detection, lighting, pest control, telecommunications, and, more recently, in the CEA market.
Passive Fire Protection (https://injectafirebarrier.com/)
LSTH IFB offers a practical and cost-effective solution to rectify non-compliant public and private buildings, spanning residential, commercial, and industrial sectors, with regard to fire safety regulations-a challenge addressed by a £5.1 billion allocation from the UK government. Serving as the UK's premier independent approved installer, LSTH IFB utilizes the ground-breaking Injectaclad fire-resistant graphite barrier system. This system is retroactively installed within building cavities, reinstating fire-resistant performance and containing the spread of fire and smoke compliant with regulatory requirements. This innovative solution stands out as an appealing alternative to the more costly and disruptive method of removing external facades and installing traditional fire barriers. With a proven track record in the passive fire protection market and a robust sales pipeline, LSTH IFB targets a UK market potentially valued at up to £50 billion.
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