Manufacturer slips to loss in ‘pivotal’ year
Light Science Technologies, the Derbyshire based technology and contract electronic manufacturer, slipped to a loss of £2.35m last year, with the company attributing the cost of its admission to the AIM market as the reason.
The firm, which raised £5m through the IPO, saw revenues climb by 6.6% to almost £7.4m last year and started work on a contract worth up to £13.8m with Zenith Nurseries, a major UK salad grower.
Simon Deacon, CEO of Light Science Technologies Holdings, 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.”
