Light Science Technologies Holdings plc, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, is looking ahead “with a certain degree of confidence” after “a challenging period” for the business.
Newly released audited results for the year ended 30 November 2022 show that revenue grew by 10.5% to £8.17m, from £7.39m in the year prior. However the company posted a loss before tax of £2.72m.
The results come after (post-period) Light Science Technologies raised £1.59m gross proceeds, via a placing, subscription and retail offer, which is to be utilised for group working capital purposes and continued product development and intellectual property protection within the CEA division.
Simon Deacon, CEO of Light Science Technologies Holdings plc, 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.”
