Q3 Trading Update

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
Simon Deacon, Chief Executive Officer Jim Snooks, Chief Financial Officer Andrew Hempsall, Chief Operating Officer	via Walbrook PR
Strand Hanson Limited (Nominated & Financial Adviser)	Tel: [phone]
Ritchie Balmer / James Harris / Rob Patrick
Turner Pope Investments (TPI) Ltd (Broker)	Tel: [phone]
James Pope / Andy Thacker
Walbrook PR Ltd (Media & Investor Relations)	Tel: [phone] or  [e-mail]
Nick Rome / Paul McManus

About Light Science Technologies Holdings plc (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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