Light Science Technologies Holdings (LSTH), comprising three divisions: controlled environment agriculture (CEA), contract electronics manufacturing (CEM) and passive fire protection (PFP), has increased its revenue and reduced its losses.
According to unaudited interim results for the six months ended 31 May 2024, the business’s revenue hit £5.2m, up from £4.4m in the same period of the year prior.
The firm, meanwhile, reduced its loss before tax by 58.4% to £0.3m.
Simon Deacon, CEO of LSTH, said: “In the first half of 2024, the structural changes made in the business began to take hold and we are seeing accelerated growth in both revenues and margins. With this progress, our losses are narrowing and therefore we are confident of achieving break even with continued progression across our divisions.
“Strategically, we are better positioned as a Group than we ever have been. CEM continues to provide robust revenues and expands into new markets, PFP is adding strong margin revenues in a large addressable market that benefits from regulatory tailwinds, and we continue to establish a global footprint in CEA; a market that we believe underpins exponential long-term growth opportunities for LSTH.
“While some hurdles remain, the landscape for the Group is steadily improving. CEM, recently positioned to handle larger volume projects, stands to benefit from emerging market trends. PFP is targeting an enormous domestic market, which is facing increasing governmental pressure, as the less invasive, lower cost solution and within CEA we are increasingly reminded of the global pressures that are forcing us to re-think how we approach food production. It is the Board’s view that both the short and long term prospects for the Group are very positive.”
