Firm posts strong YE results after successful AIM admission by Group
Electronics manufacturer UK Circuits (UKC) has welcomed Chris McTernan as its new Procurement Director, as the business experiences a successful period of growth amidst the global economic uncertainty.
Chris started his procurement career almost 20 years ago at WorleyParsons in Iraq and the USA, serving clients including ExxonMobil and BP. After returning to the UK in 2011, he worked in aerospace procurement at Wesco Aircraft for BAE Systems, Airbus and Boeing and Bombardier, and later on with ATEC Engineering in purchasing and supply chain for the MOD and Rolls Royce Power. Here, he became introduced to the electronic side of the manufacturing supply chain, experiencing the sector’s challenges spanning the past three years.
In his new role, he will be responsible for the end-to-end management of the procurement function of UKC, ensuring the team’s timely delivery of materials and components at agreed cost and to customer specification. He is looking to apply his breadth of experience to enhance UKC’s current procurement process and lead sourcing campaigns to establish new as well as strengthen existing relationships.
Chris said: “Working with a business that generates sustained year on year growth was an important factor in me taking the role with UKC, as it told me that the business is well managed, was secure and that the people in the business were dedicated to succeeding.
“The group of companies also showed me that UKC, along with Light Science Technologies (LST), is invested in a more interesting and ethical customer base and end use. Mostly, I can see that the growth and volume that UKC generates will give me a solid platform to apply a strategic, contractual, model of procurement, as we have a very appetising demand to offer to the right vendors.”
The new appointment follows the recent announcement by Light Science Technologies Holdings plc (LSTH) of its audited results for the year ending 30 November 2021, including its contract electronics manufacturing division.
The Manchester-based PCB manufacturer has seen new orders from existing clients during the period, underpinning its strong forward order book. Year-on-year revenue growth was 6.1% (FY20: £6.94m; FY21: £7.36m) amidst a very challenging economic backdrop.
The flotation of UKC’s ultimate parent company in October 2021 onto the London Stock Exchange’s AIM market raised gross proceeds of £5.0m for the Group, to accelerate growth plans. Part of the funds raised have been earmarked for investment at UKC’s plant in Middleton, including further automation of two SMT lines, additional quality management control and improvements to its ERP systems’ effectiveness and efficiency, as well as expansion of new business generation capacity.
Simon Deacon, CEO of Light Science Technologies Holdings plc, commented: “This was a pivotal period for the Company, with the fundraise and admission to AIM providing the foundations for the next stage of our growth trajectory.”
He continues: “Having further invested in and developed both operating divisions, we are extremely excited by the opportunities afforded to us. Chris has joined us at an extremely pivotal time and we very much look forward to leveraging his procurement expertise to further grow the business. He will be an invaluable asset.”
UK Circuits is the Company’s CEM focused division, with solid revenue growth and profit generation. The Group designs, procures, and manufactures high-quality CEM products, specialising in Printed Circuit Boards, which are used in a range of sectors including audio, automotive, electronics, gas detection, lighting, pest control, telecommunications and, more recently, the CEA market.