Light Science Technologies Holdings PLC on Wednesday reported ‘profitable trading’ with revenue growth expected to continue next financial year.

The Derbyshire, England-based supplier of lighting technology for the agricultural sector said group revenue surged in the year to November 30, rising 29% to £12.0 million compared to £9.3 million the year prior.

Gross margins rose to approximately 28.0% from 23.4% year-on-year and losses narrowed substantially to around £200,000 compared to £1.1 million the previous year.

Trading was ‘strong’ across all divisions, which include controlled environment agriculture, contract electronics manufacturing and passive fire protection.

Light Science noted higher visibility of the latter two divisions and a plan to increase conversion levels.

This is anticipated to ‘offset a potential reduction in revenues’ within the first division, controlled environment agriculture, due to one of Light Science’s largest pest control customers discontinuing one of its product lines.

The company expressed confidence ‘that the business remains well placed to achieve continued growth and its objectives of net profitability and being operationally self-funded’.

Chief Executive Officer Simon Deacon said: ‘We are an innovative business, and management has worked hard to stabilise and scale operations within growth markets. We believe that we are positioned to generate increasing levels of recurring revenue and cash and have a portfolio of well-balanced sustainable businesses that are positioned to benefit from broader market trends as we focus on long-term profitable trading.

‘We have a number of exciting opportunities across all three divisions and are confident that the business will provide strong and growing returns.’

Light Science shares were down 2.3% to 2.34 pence each on Wednesday afternoon in London.

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