Sunday, July 3, 2022

Sales up at Light Science Technologies while profits slip

Light Science Technologies, the Derbyshire-based controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, has fallen to a loss while sales have grown in a year in which it was admitted to trading on AIM.

According to audited results for the year ended 30 November 2021, group sales grew by 6.6% to £7.39m, up from £6.94m in the year prior.

Meanwhile the company posted pre-tax losses of £2.35m, which it says reflects the cost of the AIM admission process and investment in the CEA division.

In October, the business announced its flotation on the London Stock Exchange AIM market, successfully raising gross proceeds for the company of £5m.

Simon Deacon, CEO of Light Science Technologies Holdings plc, said: “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. Having further invested in and developed both operating divisions, we are extremely excited by the opportunities afforded to us.

“Moving forward the group will focus on further expanding its network of strategic partnerships with both major industry players globally, leading academic institutions and bringing experts into our growing team. In our CEM division, we predict there to be no change in the increased demand for electronics. As a result of this and our forward order book, we have begun a programme of investment to automate further production lines to win larger contracts in sensor and medical markets. 

“In the CEA division we will continue to build on our contracts and sales pipeline, and expand into new markets in lighting, sensors and automated crop production and management systems, with an aspiration to enter the European and US market over the medium- to long-term. In doing so, we intend to strategically expand our facilities specifically in laboratory R&D at our new planned premises in 2023.”

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