Light Science Technologies Holdings PLC (AIM:LST) said its UK Circuits and Electronics Solutions Limited (UKC) business has been awarded a £130,000 order from a new client in the sports entertainment market to be delivered in April.
Chief executive Simon Deacon said: “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.”
The company has three divisions: controlled environment agriculture (CEA), contract electronics manufacturing (CEM) and passive fire protection (PFP).
In the update, investors were told UKC, a CEM division, has secured orders worth around £1.4 million from the pest control sector since the beginning of the current financial year.
These orders, primarily scheduled for delivery in Q2 of the current financial year, reinforce the management’s confidence in the current trading performance of the CEM division, LSTH said.
It said its aim in the current year is to broadened its customer base and a strategic position aimed at growing margins and targeting larger contracts.
At the same time, the company has focused in on automation and efficiency across its lines and has invested around £150,000 commissioning new conveyors, stackers and a state-of-the-art wave soldering machine.
CEO Deacon told investors: “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.”