Agri-tech firm braces investors for bigger-than-expected losses
Hilton-based agri-tech firm Light Science Technologies has issued a warning to investors that its losses will be wider than expected because of rising inflation.
In a trading update, the company said that despite revenue growing by around 10.5% for the year to November 30, this is 13% lower than expected as the sales cycle slowed and growers suffered from rising costs.
Because of this, Light Science Technologies says it expects losses for the year to be £850,000 more than expected.
A statement from the company said: “Notwithstanding the challenges faced, the board will be building on the 10.5% revenue growth and is confident the overall prospects for the company remain strong.”