Light Science Technologies Holdings plc (AIM: LST), the controlled environment agriculture (“CEA”) technology and contract electronics manufacturing (“CEM”) group, announces its audited results for the year ended 30 November 2021. The Company will shortly be posting its annual report & accounts to Shareholders, which will also be available on its website.
- Successful Admission to Trading on AIM
- Placing raising gross proceeds for the Company of £5.0m
- To accelerate the Group’s growth, primarily through the development of its CEA operations
- Developed CEA products and pipeline
- Supported by grants from UK Research and Innovation (“UKRI”) for our indoor farm sensor product, SensorGROW, and intelligent polytunnel solution
- Received sustainable award for nurturGROW luminaire range
- Commenced a contract potentially worth up to £13.84 million with Zenith Nurseries, a major UK salad grower
- Opened state-of-the-art in-house laboratory onsite in Derbyshire
- To determine optimal growing formulae to maximise customers’ crop growing capability and productivity
- Enabling the Company to replicate growers’ conditions and provide the optimal lighting and environment recipe to help clients grow more with less
- Strong performance in the CEM division
- New orders from existing clients during the period – underpinning strong forward order book
- Investment in plant & machinery to improve automation capabilities at the factory in Manchester
- Group sales grew by 6.6% to £7.39m (FY 20: £6.94m)
- 6.1% sales growth at UK Circuits
- Pre-tax losses of £2.35m reflect the cost of the AIM admission process and investment in the CEA division
- Cash and cash equivalents rose to £3.86m at the year-end, and net cash was £1.35m
Post Period Highlights
- Strengthened the CEA team to further drive testing and sales capabilities
Simon Deacon, CEO of Light Science Technologies Holdings plc, commented: “This was a pivotal period for the Company, with the fundraising 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.”