New Order in a New Market
Light Science Technologies Holdings plc
("LSTH", the "Company" or the "Group")
New Order in a New Market
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 announce that its CEM division, UK Circuits and Electronics Solutions Limited ("UKC"), has received an order from a new client in the sports entertainment market segment. Valued at £130,000 and anticipated for delivery to the customer in April, this venture holds significant potential for follow on revenue in this new segment.
In addition, UKC has secured orders since the start of the current financial year totalling c.£1.4 million in the pest control sector, predominantly due for delivery in Q2 of the current financial year, underpinning management's confidence in current trading within the CEM division.
Highlights
· Positive start to current year
· Broadened customer base
· Positioned to further grow margins and target larger contracts
Following strategic investments totalling c.£150,000 throughout the course of FY23 and continuing in Q1 FY24, UKC has successfully commissioned conveyors, stackers, and a state-of-the-art wave soldering machine. These additions enhance automation and efficiency across its manufacturing lines and are expected to further bolster gross margin and product quality.
UKC continues to supply products to a growing number of customers across a range of market sectors and to target larger contracts which give better financial visibility. Currently, the forward order book for the CEM division stands at c.£4.1m, putting it on track, when combined with orders already invoiced, to meet internal sales expectations for the first half of the current year.
Simon Deacon, Chief Executive Officer of LSTH, commented: "This is a great start to the current financial year for our CEM division as it continues to successfully convert its strong forward order book, which currently stands at over £4m. Last year was this division's best year on record, successfully growing sales and increasing margins while operations were positioned to handle larger volume projects on the back of investment in equipment and staff training.
"We are extremely excited by the move into the sports entertainment market and look forward to further broadening our portfolio of customers. Furthermore, given the significant growth potential of our CEA and PFP divisions, we look forward to providing further updates in the coming months."
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)
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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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