10th Jan 2024 11:29
(Alliance News) - Light Science Technologies Holdings PLC on Wednesday said that revenue grew in its financial year, boosted by "organic progress".
The Derby, England-based plant monitoring solutions developer said revenue rose 13% to GBP9.3 million in the financial year that ended on November 30, from GBP8.2 million a year prior.
It said that this was driven by growth across every trading division and "solid organic and acquisitive progress".
Further, it noted overhead cost reductions of around 20%, while gross margins increased to around 23% from 18%. Light Science expects an annual pretax loss of around GBP1.3 million for 2023, halved from a loss of GBP2.7 million in 2022.
Looking ahead, Light Science said: "The contract electronics manufacturing division is seeing forward orders and stock levels return towards pre-pandemic levels, as electronic components become more readily available in the marketplace and accordingly customers reduce their purchase fulfilment timescales and stockholdings.
"UK Circuits has a strong forward order book, with visibility for [the first half], and continues to work with both existing and perspective customers to build out [second half] demand. Historically the CEM division has been the predominant revenue generator for the group, but expectations are that the opportunities within the controlled environment agriculture and passive fire protection divisions will rebalance the position during the course of [financial 2024]."
Light Science shares rose 5.2% to 2.42 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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