Derbyshire agri-tech firm sees pipeline hit £61m

Derbyshire-based agri-tech company Light Sciences Technologies says it has grown its pipeline of quoted work to £61m following an uptick in paid-for trials.

In a trading update this morning (18 August), the firm said an increasing trend for indoor growing – an area in which it specialises – had also contributed to its positive outlook.

The Hilton-based company says it has secured forward orders and contracts worth £19.6m.

Projects already on the go include work with a leading UK manufacturer of preserves and marmalades and a nurturGROW lighting trial at a vertical farm R&D facility.

The encouraging news comes just over two months after the firm saw its share price plummet to an all-time low, a slump it attributed to Government grant delays and rising inflation.

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.”