Light Science Technologies AIM:LST the AIM-listed, Derby-based producer of horticulturally-focused lighting and monitoring solutions has announced that it has received a further GBP500,000 of forward orders from long-standing customer Rentokil LON:RTO to be fulfilled between November 2022 and March 2023.
LST has two subsidiaries, contract electronics manufacturing company, UK Circuits and controlled-environment-agriculture company Light Science Technologies Limited. The Rentokil order originates from the UK Circuits division, which manufactures printed circuit boards (PCBs) that go into various applications in lighting, music and sensors. Its PCBs are used by Rentokil in pest control, the oil and gas industry to monitor rigs and in energy efficient lighting – something that Simon Deacon, chief executive, says is becoming increasingly relevant as Europe battles with an energy crisis aggravated by the war in Ukraine.The new orders are in addition to the previously announced GBP60m of quoted business, with a GBP18m forward order book.
LST also announced two trial contracts for its recently launched sensorGROW product. If successful, said the company in a statement, these trials could roll into subscriptions and be worth up to GBP940,000 in recurring revenues over a three year period. The company is in talks regarding a number of other trials.
SensorGROW was launched in June 2022 and its technology enables farmers to monitor the following key growing factors – the nine cardinals of plant life – in real-time: air speed, carbon dioxide levels, humidity, light, oxygen, plant disease, soil, temperature and water pH levels – with benefits including reductions in water usage, nutrients, fertilisers and energy while increasing yields and producing healthier crops.
Deacon said: “We are delighted that Rentokil has chosen to increase its forward orders with us, as it shows our commitment to quality and high levels of service. This contract demonstrates the continued demand for UK manufacture, as we see customers focus on maintaining mid-term supply chain as well as controlling costs.”
The company’s shares opened trading today (29th September) at 7p and within the first half-hour of trading had risen by 7.4% to 7.25p. LST’s shares have tracked in the range of 6p to 32p since IPO in October 2021. The company has offered a year-to-date return of -60.2% giving the company a market capitalisation of GBP11.8m.
