REG - Light Science Tech. - Q3 Trading Update

Light Science Technologies HoldingsAnnouncement

18/08/2022 07:00

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RNS Number : 3968W  Light Science Tech. Holdings PLC  18 August 2022

Light Science Technologies Holdings plc

("LSTH", the "Company" or the "Group")

 

Q3 Trading Update

 

Continued strong orderbook and pipeline growth

 

Light Science Technologies Holdings plc (AIM: LST), the controlled environment
agriculture ("CEA") technology and contract electronics manufacturing ("CEM")
group, is pleased to provide an update regarding the Company's growing sales
pipeline and increased forward order book.

 

Highlights

 

·      Increased demand for the CEA division's growing product range is
highlighted by the recent commencement of several paid-for customer trials,
which if successful could result in those customers placing rollout orders
potentially worth in the region of a combined £3m, over the next 12 months,
including the projects below.

·      A leading UK manufacturer of preserves, marmalades and associated
products has commenced a 400 sqm six-month lighting trial using the nurturGROW
slim lighting product. If the trial is successful and the customer proceeds to
rollout based on their specified requirement of 1 acre of lighting, the
potential project could be worth the quoted value of £950,000.

·      A nurturGROW lighting trial has commenced at a vertical farm
R&D facility. If the six-month lighting trial is successful and the
customer proceeds to rollout the specified vertical farm requirement, the
potential project could be worth the quoted value of £1.95m.

·      Completion of phase 1 of laboratory services of a seed
germination trial to analyse the growth rate of a specific plant. The
customer has been quoted for a second trial for country specific growing
conditions, which if awarded could be worth a potential value of £46,000.

 

As of today's date, the sales pipeline of quoted work across both divisions is
over £61 million, of which forward orders and contracts are worth £19.6m(*).

 

Simon Deacon, CEO and founder of Light Science Technologies said: "We are
delighted that there is growing demand for paid-for trials, which have the
potential to generate significant revenues.

 

"Food security is highly topical due to the heat wave and the hottest year
on record in Europe, with wildfires and droughts meaning farmers are unable to
water their crops, likely leading to food shortages this winter.

 

"More of our clients are deciding to grow indoors as the weather becomes more
extreme and unpredictable. Our nurturGROW lighting and sensorGROW products
helps growers to reduce waste, be more energy efficient, proactive and save
them money in the long-term. As a result, we continue to build our
quoted pipeline and our forward order book remains strong."

 

* Contracts are subject, inter alia, to certain milestones and conditions as
more fully described in the Company's announcement on 15 October 2021 and
mentioned in the Company's AIM Admission Document

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 (as amended).

 

For further 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)      Tel: +44 (0) 20 7409 3494

 Ritchie Balmer / James Harris / Rob Patrick
 Turner Pope Investments (TPI) Ltd (Broker)                 Tel: +44 (0) 20 3657 0050
 James Pope / Andy Thacker

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

 Nick Rome / Paul McManus

 

About Light Science Technologies Holdings plc
(www.lightsciencetechnologiesholdings.com
(http://www.lightsciencetechnologiesholdings.com) )

 

Light Science Technologies Holdings plc is the holding company of the Group's
controlled environment agriculture ("CEA") division, Light Science
Technologies Ltd ("Light Science Technologies"), and its contract electronics
manufacturing ("CEM") division, UK Circuits and Electronics Solutions Limited
("UK Circuits").

 

Controlled Environment Agriculture

Light Science Technologies was founded in 2019 and is the Company's grow
lights and sensor technology business, providing bespoke recipes and
technologies tailored to customers' needs - with key targets including indoor,
vertical, glasshouses, polytunnels and medicinal farming markets. The
all-in-one CEA solution will include analysing customers' crop growing
requirements to provide bespoke, low-energy and sustainable equipment.

 

Market drivers include food and water shortages in many parts of the world;
growing global population; UK and other government policy encouraging
sustainable and efficient growth methods; increased scrutiny of the effect of
food production on climate change and the continuing transition away from
processed foods.

 

Contract Electronics Manufacturing

UK Circuits is the Company's CEM focussed division, with strong revenue and
cash generation. The Group designs, procures, and manufactures high-quality
CEM products, specialising in Printed Circuit Boards, which are used in a
range of sectors including audio, automotive, electronics, gas detection,
lighting, pest control, telecommunications and, more recently, the CEA market.

 

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