Environmental and political pressures, only heightened by the current high oil price, are fuelling growth at LED array designer and maker Enfis, whose products offer power and carbon footprint benefits.

Against the backdrop of global legislative drives to accelerate the replacement of traditional lighting with LEDs – highly reliable, energy efficient, offering longevity and safe disposability characteristics – Enfis is seeing particularly strong demand for its ‘straight from the box’ light engine solutions from the fastest growing Solid State Lighting (SSL) markets, namely architectural, retail and entertainment.

Technology entrepreneur Shaun Oxenham, CEO, who says ‘we are an organic growth story in a fast-growing market’, recently unveiled encouraging interim figures to June from Enfis. Though losses widened from £891,000 to almost £1.1m, there was 300% growth in sales to £392,000, admittedly from a low base.

However, contract momentum is gathering, supporting the ambitious forecasts of analysts. In July, Enfis announced a contract to provide light engines to a mystery ‘tier-one’ lighting company, for a Middle East project in the hospitality sector, a deal awarded ahead of major international competitors.

This followed a deal for the supply of light engines to Chinese digital medical equipment group CTMC for the retrofit of its operating theatre lighting products with LEDs.

While pre-tax losses of £1.9m from £1.5m sales are predicted this year, a small profit from a top line £6m is envisioned by December 2009.

Given growing interest in the group’s technology, cash balances of more than £1m at the halfway stage and Oxenham’s insistence the business model is both scalable and cash generative, we think Enfis offers longer-term speculative appeal.

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Enfis	AIM	£3.52m	37.50p	0.00p
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