Wednesday, May 29, 2024

Record revenue and progress towards profitability for Light Science Technologies

Light Science Technologies Holdings plc, which comprises three divisions for controlled environment agriculture (CEA), contract electronics manufacturing (CEM), and passive fire protection (PFP), has hailed record revenue and “strong progress towards profitability” in its audited results for the year ended 30 November 2023.

Revenue grew 13.8% to £9.3m, up from £8.17m in the year prior. Meanwhile, the Derbyshire-based business reduced its loss before tax to £1.14m, in comparison to £2.72m last year.

The year also saw the company complete a successful £1.45m (net proceeds) fundraise  facilitating product development and CEA IP protection. Furthermore, the firm acquired Tomtech and Injecta Fire Barrier’s trade and assets, creating the new PFP division.

Simon Deacon, CEO of Light Science Technologies Holdings plc, said: “We are very pleased to report significant operational progress in the period, with strong progress across all parts of the business delivering record Group revenues which exceeded internal management expectations.

“The CEM division continues to underpin Group revenue generation and present significant growth opportunities in new and existing markets, whilst the PFP and CEA divisions offer exciting, and potentially very lucrative, growth opportunities in the medium to long term.

“We move forward with a significantly strengthened corporate team and long-term global structural drivers that complement our business model. The Light Science management team is committed to growing a complementary portfolio of companies that is diverse, operationally self-funding, and delivers for its shareholders.”

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