Light Science Technologies Holdings PLC (AIM:LST) (LSTH) CEO Simon Deacon speaks to Thomas Warner from Proactive after the technology company released a trading update for the 12 months ended 30 November 2023.
Deacon gives the highlights from the year, noting a 13% increase in revenue and a 27% improvement in margin, rising from 17.7% to over 23%. This financial improvement was further exemplified by a substantial reduction in overheads by over 20%, leading to a 50% decrease in expected losses, down to £1.3 million from £2.7 million.
A key development in the past year was the acquisition into LSTH's Controlled Environment Agriculture division of UK-based Tomtech (UK) Limited for £500,000. Tomtech designs, manufactures and installs monitoring and control systems for commercial greenhouses and polytunnels and has been in operation for over 35 years.
Looking ahead, Deacon anticipates continued growth, especially in the controlled environment agriculture sector, fueled by the acquisition of Tomtech, a company with over 35 years of experience. This sector is expected to be a major growth driver in response to food security concerns and changing weather patterns. The company is preparing for increased market demand, with a pipeline and a forward order book of over £60 million.
