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Light Science Technologies Holdings PLC shares fell on Wednesday after it reported half-year results, despite saying it is is ‘well-positioned to deliver significant upside’ going forward.
The stock was down 11% at 3.46 pence on Wednesday afternoon in London.
For the six months ended May 31, revenue decreased 2.7% to £5.1 million from £5.2 million the year before.
The Passive Fire Protection division’s revenue climbed to £953,467 from £300,481, while AgTech revenue rose 43% to £549,074 from £384,764. For Contract Electronics Manufacturing, which contributed 70.3% of the total group figure, revenue declined 22% to £3.6 million from £4.5 million.
The company’s pretax loss was £163,014 for the period, narrowed from £333,773. Its basic & diluted loss per share narrowed to 0.06p from 0.10p.
Cash & cash equivalents totalled £1.1 million as of May 31, up slightly from £1.0 million one year prior but down from £1.2 million at November 30.
‘The board remains confident of the opportunities available across the group,’ Chief Executive Simon Deacon said. ‘Having set out its stall to focus on trading at a net profitable level, significant strides have been made...Key progress has been made in establishing a foundation for long-term growth and development across all parts of the Group, including progression towards new accreditations and obtaining a patent on its key sensorGROW product.
‘With a focus on investment and automation, and establishing a base to deliver larger, longer-term contracts as well as higher-margin revenues, and given the global opportunity, the board believes that the group is well-positioned to deliver significant upside to shareholder value.’
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