(Alliance News) - Light Science Technologies PLC on Thursday said it has received additional orders from an existing customer as well as signed two trials for its new sensorGROW product.
Shares in the Derbyshire, England-based agricultural lighting and monitoring systems provider were trading 9.6% higher at 7.40 pence each in London on Thursday morning.
Light Science Technologies also operates in the pest control and oil and gas sectors. It received additional orders worth GBP500,000 from Rentokil Initial PLC, a pest control company, in addition to existing forward order contracts. The new orders are expected to be fulfilled between November 2022 and March 2023.
The company said that its contract electronics manufacturing division - which formed its partnership with Rentokil over 10 years ago - continues to grow in line with expectations, driven by a strong demand for UK manufacturing in light of supply chain disruption.
The controlled environmental agriculture division has signed two trial contracts for the recently launched sensorGROW product. The company said that if these trials are successful, they could generate subscriptions worth GBP940,000.
sensorGROW was launched in June 2022 and its technology enables farmers to monitor key growing factors such as CO2 levels, light and soil pH levels in real time. The company said the sensorGROW product provides an additional high-margin route to market.
Chief Executive Officer Simon 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.
"I am also pleased to see confirmation of several sensorGROW trial contracts and expect more to be forthcoming. This demonstrates how growers see the importance of combining intelligence and increasing productivity to maximise yields within their indoor growing environments in a time when energy efficiency is crucial."
By Chris Dorrell; chrisdorrell@alliancenews.com
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