Revenue has risen while pre-tax losses have widened at Derbyshire-based Light Science Technologies, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group.
According to results for the six months ended 31 May 2022, revenue grew by 4.2% to £3.6m from £3.4m in the same period of last year.
Meanwhile the company posted a loss before tax of £1.3m, compared to a £0.9m loss last year, which Light Science Technologies says is due primarily to the CEA division’s continued investment in both product research and development and marketing of the company’s products and services.
Simon Deacon, Chief Executive Officer of Light Science Technologies, said: “With group revenue increasing by 4.2% for the six months to 31 May 2022, alongside our forward order book and contracts worth £18 million, we have seen an increase in our pipeline of quoted business due to a demand for reshoring manufacturing to the UK, as customers look to increase product security and reduce risk.
“As much as the macro trends are challenging in the short term, we are confident that the medium and long-term outlook for the group is promising, as the market continues to grow. With our experienced team, our technologies and energy saving products feeding into the growing pipeline, we are in a strong position to take advantage of the opportunities and achieve our objectives. We remain confident in our ability to achieve our revised forecasts as announced on 10 June 2022.”
