Agri-tech firm cuts losses and predicts ‘exciting’ future
Derbyshire agri-tech firm, Light Science Technologies, has posted positive half-year results to the end of May.
The firm has seen revenue rise by 22% to £4.4m for the period, while losses before tax have dropped by 37% to £800,000.
Light Science Technologies also revealed that it has raised £1.45m to spend on product development and IP protection.
Simon Deacon, CEO, said: “We continue to be excited by the growth potential across both divisions. With the contract electronics manufacturing division continuing to be our predominant revenue generator, and the controlled environment agriculture division continuing to develop and market solutions to the unprecedented pressures affecting the agricultural sector, we are well placed to take advantage of growth opportunities.
“Daily discourse regarding food security and supply highlights the ongoing challenges and impacts of unreliable harvests and labour shortages and we believe that our solutions will help mitigate these issues.”