City briefs: Watches of Switzerland; Light Science Technologies

Leicester-based luxury watch retailer Watches of Switzerland has appointed a new CFO.

Anders Romberg returns to the company to replace Bill Floydd, who will remain in post until the end of October.

Romberg was previously at Watches of Switzerland between 2014 and 2021.

Brian Duffy, CEO, said: “On behalf of the Board, I would like to thank Bill for his valuable contribution to the Group and we wish him well for the future. I am delighted that Anders is re-joining the business. He has a strong track record of financial leadership and thorough knowledge of our group, as well as the specialist luxury watch and jewellery categories, and I look forward to working with him again.”

Floydd said: “I have enjoyed my time at Watches of Switzerland and would like to extend my thanks to Brian and the wider team for their support. The company has a bright future and I look forward to seeing its continued success.”

Romberg added: “I am very pleased to be returning to the Watches of Switzerland Group and to once again be working alongside Brian and the team to deliver our long-term strategy and to capitalise on the wealth of growth opportunities available to us.”

Losses have widened at Hilton-based Light Science Technologies for the year ending November 30 – period which the firm’s boss has described as “challenging”.

The agri-tech firm ended its financial year over £2.7m in the red, with supply chain constraints and inflationary pressures impacting margins.

Last month, the firm raised almost £1.6m via a share placing.

Simon Deacon, CEO, said: “There’s no doubting that this was a challenging period for the Company. However the progress made during the year, as we expanded our routes to market across both divisions, means that we can look forward with a certain degree of confidence. We have a strong and growing product range providing solutions for a variety of customers and a very healthy pipeline of opportunities. We remain innovative and at the forefront of the sector and are excited about the significant market opportunities.

“We believe that our energy saving products range will drive new business while the continued food shortages will enable us to showcase our solutions, offering extended season growing. Importantly, global trends continue to drive the need to improve food security and, as such, we aim to harness demand and accelerate growth and profitability. Furthermore, as producers seek to navigate the changing landscape, indoor farming is likely to be a key component in tackling ongoing challenges and boosting homegrown food supply.

“We are reassured by the continued support from existing and new shareholders who participated in the post-period fundraise. The funds raised will help us build on the strong momentum in our target markets. We very much look forward to further extending our reach as we invest in the business – and we believe this will result in increased revenue and margin growth.

“We see demand trends as a validation of our vision and very much look forward to working with existing and new clients as we position ourselves at the forefront of Agri-tech solutions.”