Light Science Technologies posts widened loss in "transitional period"

(Alliance News) - Light Science Technologies Holdings PLC on Friday expressed optimism around its recent acquisitions, as it posted a widened annual loss amid softer revenue.

The Ashbourne, England-based agriculture technology and fire protection company reported a pretax loss of GBP894,000 for its financial year ended November 30, widened from GBP31,000 a year prior.

Driving this was a 28% top-line contraction, as revenue fell to GBP8.6 million from GBP12.0 million. Light Science Technologies said this decline reflected the reshaping of its portfolio, as well as the expected reduction in lower-margin Contract Electronics Manufacturing activity.

Shares in the company fell 22% to 1.26 pence around midday on Friday in London.

Chief Executive Simon Deacon described the financial year as "transitional" for the company, as it focused on developing a platform for high-margin growth across all divisions.

"We rebalanced the sales mix, with PFP and AGT providing the most significant scope for growth, while we further de-risked the CEM division, which is now well positioned to enter Defence, Medical and Healthcare markets," said CEO Deacon.

On Wednesday last week, Light Science Technologies said it completed the acquisitions of RLUK Injection Ltd and the remaining 10% minority interest in UK Circuits and Electronics Solutions Ltd.

Commenting on these deals, Non-Executive Chair Graham Cooley said: "The board believes these developments create a robust platform for sustained high-margin growth, reduce reliance on third parties and materially enhance the group's medium-term prospects."

CEO Deacon echoed this sentiment as he said: "The post period end acquisitions will be transformational for the group, significantly enhancing our profile and ability to generate scale and further grow margins as we target mid-term revenues of around GBP50 million."

By Christopher Ward, Alliance News reporter

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