Sales up at Light Science Technologies as profits fall

Light Science Technologies, the Derbyshire-based controlled environment agriculture (CEA) and contract electronics manufacturing (CEM) technology group, fell to a loss as sales rose in a year in during which it was admitted to trading on AIM.

According to audited results for the year to 30 November 2021, group sales increased by 6.6% to £7.39 million from £6.94 million the previous year.

Meanwhile, the company posted pretax losses of £2.35 million, which it says reflects the cost of the AIM admissions process and the investment in the CEA division.

In October, the company announced its listing on the AIM market of the London Stock Exchange, successfully generating gross proceeds for the company of £5 million.

Simon Deacon, CEO of Light Science Technologies Holdings plc, said: “This has been a pivotal time for the business, with fundraising and admission to AIM providing the foundation for the next step in our growth trajectory. Having invested in and further developed both operating divisions, we are extremely excited to idea of ​​the opportunities available to us.

“Going forward, the group will focus on expanding its network of strategic partnerships with the two major industry players globally, leading academic institutions and integrating experts into our team in full growth. In our CEM division, we anticipate that there will be no change in the increased demand for electronics. As a result of this and our upcoming backlog, we have launched an investment program to automate further production lines in order to win larger contracts in the sensor and medical markets.

“In the CEA division, we will continue to develop our contracts and sales pipeline, and expand into new markets in lighting, sensors and automated crop production and management systems, with the ambition to enter the European and American market in the medium to long-term. In doing so, we intend to strategically expand our facilities, particularly in the area of ​​laboratory R&D, in our new premises planned for 2023 . »