REG - Light Science Tech. - New Order in a New Market

Light Science Technologies HoldingsAnnouncement

08/02/2024 07:15

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RNS Number : 4069C  Light Science Tech. Holdings PLC  08 February 2024

 

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:

 

 Light Science Technologies Holdings plc                                     www.lightsciencetechnologiesholdings.com

                                                                           (http://www.lightsciencetechnologiesholdings.com/)

 Simon Deacon, Chief Executive Officer                                       via Walbrook PR

 Jim Snooks, Chief Financial Officer

 Andrew Hempsall, Chief Operating Officer

 Strand Hanson Limited (Nominated & Financial Adviser) Ritchie Balmer /      Tel: +44 (0) 20 7409 3494
 James Harris / Rob Patrick

 Oberon Capital (Broker)                                                     Tel: +44 (0) 203 179 5300

 Mike Seabrook / Nick Lovering

 Walbrook PR Ltd (Media & Investor Relations)                                Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com (mailto:lst@walbrookpr.com)

 Nick Rome / Paul McManus

 

Notes to Editors:

 

About Light Science Technologies Holdings
plc (www.lightsciencetechnologiesholdings.com
(http://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/
(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/
(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/
(https://www.tomtech.co.uk/)

Contract Electronics Manufacturing (https://www.ukcircuits.co.uk/
(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/
(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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