Light Science Technologies Holdings PLC (AIM:LST) has reported record revenue of £9.30 million for the 2023 financial year, a 13.8% increase from £8.17 million in the preceding twelve months.
The company said gross margin improved to 23.4% from 17.7%, driven by a combination of reduced supply chain constraints and efficient cost management.
Operationally, the company’s contract electronics manufacturing (CEM) division saw a 13% increase in revenue to £9.09 million, underpinned by expanding market opportunities.
The acquisitions of Tomtech and Injecta Fire Barrier added new product lines and strengthened the company’s market position in the controlled environment agriculture (CEA) and passive fire protection (PFP) segments.
LSTH reduced its loss before tax to £1.14 million, from £2.72 million the prior year, after exceptional acquisition costs – indicating the firm’s progress toward long-term profitability.
“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,” chief executive Simon Deacon said in a statement.
“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.”
LSTH noted its recent, post-year end, updates which included a £188k grant award, a new £130k order for CEM, and a newly agreed £850,000 facility with Close Brothers.
Deacon added: “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.”
Light Science Technologies reports record annual revenue | AIM:LST (proactiveinvestors.co.uk)
