RE: SUPPER RESULTS27 Mar 2025 23:01
Allenby Capital TMT Update - 24.03.25
Light Science Technologies plc (LST.L, 3p/£10m) FY24 results: Move to profit (18.03.25)
• Group revenue in FY24 (Nov) increased 30% to a record £12.0m (FY23: £9.3m), with growth across all three businesses. Contract Electronics Manufacturing (CEM) increased 5% to £9.4m, AgTech (AGT) increased ~250% to £0.8m and Passive Fire Protection (PFP) first revenue of £1.8m (zero in FY23), £1.5m generated in H2 FY24.
• Higher margin PFP revenue and improved CEM margins led gross margins to increase to 30.3% (FY23: 23.4%), leading gross profit 68% higher to £3.6m. The Group swung to a £0.35m operating profit (FY23: £0.86m loss), despite a 10% increase in admin expenses to £3.3m. •
LST achieved net profitability in H2 FY24, with FY24 net loss narrowing to £0.02m (FY23: £0.93m net loss). Cash flow from operations increased to £1.5m (FY23: £0.13m), resulting in net debt decreasing to £0.7m (FY23 end: £1.4m).
The Group has a healthy pipeline of over £50m.
Allenby Capital comment: LST grew strongly in FY24, with margins improving and net loss declining ~98%.
The company is well placed for FY25 and should benefit from a strong pipeline and balance sheet. Shares trade at under 1x FY24 (historic) revenue, which is undemanding for a company with good growth prospects and cash generation. Brendan D'Souza