Light Science Technologies Holdings PLC (AIM:LST) said its revenues grew by 10.5% to £8.17mln in the year ended November 30, 2022, boosted by record sales in its contract electronics manufacturing (CEM) division.

The company, which specialises in controlled environment agriculture (CEA) technology, also highlighted progress in the CEA division, including the UKRI grant-supported advanceGROW rolling cloche and the launch of sensorGROW MVP version.

Financial results showed margins at 17.7% due to supply chain constraints and inflationary pressures, resulting in a pre-tax loss of £2.72mln.

Post-period developments included raising £1.59mln for working capital and continued product development within the CEA division.

LSTH also announced “remedial action in significantly lowering overheads of the group, including reducing staff headcount”.

Looking ahead, the company said hopes to see margins improving to 2021 levels, with demand recovering next year.

In the results statement, LSTH chief executive Simon Deacon told investors: “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.”

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