Flotation will result in investment for Manchester manufacturing operation
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The Manchester operation of newly-floated group Light Science Technologies is in line for a period of investment.
Light Science Technologies is based in Derby and delivers lighting, science and research-proven plant monitoring technology and software, in partnership with world-leading university research teams, for multiple indoor applications including vertical farming, greenhouses and poly tunnels.
It floated on the Alternative Investment Market (AIM) this morning (October 15), raising gross proceeds of £5m, in a move that values the firm at £17.4m.
The firm generated revenues of £6.9m and EBITDA of £800,000 in 2020, and has a current forward order book of £5m.
Chief executive, Simon Deacon, said: “We are delighted to be joining AIM, and welcome the support shown by our investors in this tremendous milestone for the company.
“We look forward to delivering shareholder value as we take advantage of the substantial CEA (controlled environment agriculture) pipeline and bolster the capacity of our CEM (contract electronics manufacturing) division, while supporting the revolution in modern agriculture, sustainably helping growers grow more for less.”
The CEM-focused division of the group, UK Circuits, was founded in 1997 and has 61 staff working at its manufacturing facilities in Middleton, on the Greengate Industrial Estate, where it designs, manufactures and tests printed circuit boards which are used in a broad range of sectors including pest control, electronics and agriculture.
UKC’s current client base includes Rentokil’s pest division, Cloud Electronics, Calex Electronics and Sensonics.
Following today’s entry onto AIM, a spokesperson revealed that the Middleton factory has been earmarked for future investment, saying: “In terms of future plans, an amount of the net placing proceeds will be invested to increase manufacturing capacity.”