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
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www.lightsciencetechnologiesholdings.com
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Simon Deacon, Chief Executive
Officer
Jim Snooks, Chief Financial
Officer
Andrew Hempsall, Chief Operating
Officer
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via Walbrook PR
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Strand Hanson Limited (Nominated & Financial
Adviser) Ritchie Balmer / James
Harris / Rob Patrick
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Tel: +44 (0) 20 7409 3494
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Oberon Capital (Broker)
Mike Seabrook / Nick
Lovering
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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.