REG - Light Science Tech. - Final Results, Analyst and Investor Presentations
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RNS Number : 7283B Light Science Tech. Holdings PLC 24 April 2026
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Light Science Technologies Holdings plc
("LSTH", "Light Science", the "Company" or the "Group")
Final Results
Analyst Briefing & Investor Presentation
Notice of AGM
Light Science Technologies Holdings plc (AIM: LST), the innovative technology
and manufacturing business providing real-world solutions targeting issues
including global food security and fire safety, announces its audited results
for the year ended 30 November 2025 (the "Period").
Financial Highlights
· Revenue of £8.6m (2024: £12.0m)
o Reflecting reshaping of the portfolio and the anticipated reduction in
lower-margin Contract Electronics Manufacturing ("CEM") activity
· Gross margin increased by 11.5% to 33.8% (2024: 30.3%)
o As a result of continued shift to higher value opportunities
· Loss before tax of £0.89m (2024: £0.03m)
o Driven by timing effects in Passive Fire Protection ("PFP") contract
conversion and the expected reduction in CEM's servicing of the pest control
market
· Group cash at 30 November 2025 was £0.7m (30 November 2024:
£1.2m)
Operational Highlights
· PFP division positioned for accelerated conversion of sales
pipeline
o Continued education of key stakeholders, including the Building Safety
Regulator ("BSR"), on the benefits of Injectaclad
o Increasing number of BSR applications on which Injectaclad is now being
specified
o Recent regulatory progress underpins expectations of a significantly
improved H2 of FY2026
· AgTech ("AGT") division continued to develop its product suite and
relationships
o Upgraded customers' control systems and associated infrastructure in over
30 commercial glasshouses in the UK
o Engaged a new sales executive to support scaling of the sensorGROW product
suite
o Strengthened sensorGROW IP position, following grant of a patent for its
environmental sensor
· CEM division focused on de-risking high customer concentration and
on entry into higher margin markets including defence, medical and healthcare
opportunities
o Increased operational efficiencies and diversified customer mix
o More onshoring back to the UK expected as a result of global uncertainties
and supply and logistics issues
Post-Period End Highlights
· Raised £6.6m to fund acquisitions of RLUK Injection Ltd ("RLUK"),
the remaining minority interest in UK Circuits and Electronics Solutions
Limited ("UK Circuits") and the remaining units of the Manchester property
(announced on 11 March 2026)
· RLUK incorporates Injectaclad Ltd ("Injectaclad") facilitating
scalability of PFP division, increasing access to fire remediation projects
and providing a new revenue stream as the solution patent holder and materials
supplier to installers
o Enhancing the Group's control over a critical asset and ability to scale
revenue and further improve gross margins
o A key part of the Group's strategy to become the market leader in the
remediation of building cavity fire barriers
o Recently published BSR Strategic Plan highlights the need to cut delays
and expediate cladding remediation schemes
· UK Circuits minority and property acquisitions
o Giving the Group full control of the CEM division and eliminating rental
costs
o The Manchester property will also become a northern base for PFP
distribution and training
· AGT secured an additional university contract in Wales and extended
its contract with Nottingham Trent University ("NTU"), adding £0.44m in new
revenues for the current period
Outlook
· The enlarged Group is strongly positioned to capture a greater
share of value chain, and for accelerated growth, targeting higher margin
larger contracts and increasing recurring revenues
· Strategically placed for improved conversion, enhanced sales and a
stronger performance in FY2026 as H2 growth opportunities underpin confidence,
with management anticipating a strong second-half revenue delivery in PFP
Online Analyst Briefing: 10.00am, today
An online briefing for analysts will be held at 10.00am today. Analysts
interested in attending should contact Walbrook PR on lst@walbrookpr.com or
020 7933 8780.
Investor Presentation: 11.00am on Monday 27 April
Management will provide a live online presentation and host an investor
Q&A session via the Investor Meet Company platform on the results and the
Company's future prospects, at 11.00am on Monday 27 April. Investors can sign
up for free and register to meet Light Science via the following link:
https://www.investormeetcompany.com/light-science-technologies-holdings-plc/register-investor
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Questions can be submitted pre-event via the platform or by
emailing lst@walbrookpr.com, or in real time during the presentation via the
"Ask a Question" function.
Posting of Annual Report & Accounts and Notice of AGM
The Company will be posting its annual report & accounts, together with
notice of AGM, to shareholders later today, with this document now available
on its website.
The annual general meeting is to be held at 10 am on Friday, 22 May 2026 at
Ednaston Park Business Centre, Painters Lane, Ednaston, Ashbourne, DE6 3FA.
Simon Deacon, CEO of LSTH, commented: "This was a transitional period for the
Group with a focus on creating a platform for high-margin growth across all of
our divisions. We rebalanced the sales mix, with PFP and AGT providing the
most significant scope for growth, while we further de-risked the CEM
division, which is now well positioned to enter Defence, Medical and
Healthcare markets.
"The post period end acquisitions will be transformational for the Group,
significantly enhancing our profile and ability to generate scale and further
grow margins as we target mid-term revenues of c.£50m. We believe that our
solutions will become ever more prominent as both legislation - with the
recently published BSR Strategic Plan highlighting the need to expedite
schemes - and global issues set to underpin increased demand. Having
successfully completed the £6.6 million fund raise and acquisitions we are
well placed for a strong second half of the current financial year as we fully
integrate Injectaclad into the Group, which will support growth for the years
to come.
"I'd like to thank the current and new investors for their support in the
next exciting phase of our development."
For additional information please contact:
Light Science Technologies Holdings plc www.lightsciencetechnologiesholdings.com
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Simon Deacon, Chief Executive Officer
via Walbrook PR
Jim Snooks, Chief Financial Officer
Andrew Hempsall, Chief Operating Officer
Shore Capital (Nominated Adviser and Broker) +44 (0)20 7408 4050
Stephane Auton / George Payne
Walbrook PR Ltd (Media & Investor Relations) Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com (mailto:lst@walbrookpr.com)
Nick Rome / Marcus Ullker
Notes to Editors:
About Light Science Technologies Holdings
plc (www.lightsciencetechnologiesholdings.com
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)
Light Science Technologies Holdings plc ("LSTH") operates through three
divisions: Passive fire protection ("PFP"); AgTech ("AGT") and contract
electronics manufacturing ("CEM"). The Company is involved in the design,
manufacturing, and installation of products and customized solutions spanning
various industry sectors, with a focus on addressing global challenges related
to food security, climate change, and fire protection, the Group is committed
to developing robust solutions in these rapidly growing market sectors.
As both an installer and supplier of the fire resistant graphite barrier
system Injectclad, the PFP division is strongly positioned to capture a
growing proportion of the fire remediation market as the Buildings Safety
Regulator ("BSR") backlog unblocks, enabling accelerated conversion of the
Company's strong sales pipeline. The Injectaclad system is a solution for the
retrospective installation of cavity fire barriers in buildings using a pumped
system, thereby avoiding the need for full-scale façade removal. It addresses
a significant problem in the UK's built environment, where thousands of
buildings require remediation to meet fire safety standards. For more
information please visit Cavity Fire Barrier Remediation System | Injectaclad
Ltd
(https://protect.checkpoint.com/v2/r02/___https:/www.injectaclad.com/___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDplOTZjMTRiZGU2MTI3ZGU5NDA3YzNjMjU4ZGM2OTBmNjo3OjFkZWQ6MWQxOGJiYzhlMjhhNGJlMmZlMzc5ZTk2MDY2YmI2ZmIzN2Q3Y2I5ODY1MTk2NzJhNDE1N2UxZTA0YTI0MTdmMzpwOkY6Tg)
The Group's tailored AgTech solutions encompass control systems, grow lights,
sensor technology, venting, and irrigation systems, catering to both UK and
global customers. Key markets include indoor, vertical, glasshouses,
polytunnels, and more recently wider applications in broadacre farming.
Driving factors comprise global food and water shortages, a growing
population, government policies promoting sustainable growth methods,
heightened scrutiny of food production's impact on climate change, and a shift
away from processed foods. Key markets span Eastern Europe, the Americas,
Australasia, and select locations in the Middle East, with the Company
expanding routes to market via low-cost, low risk distribution agreements
globally. For more information please visit: Sustainable grow lights and
sensor technology - Light Science Technologies
(https://protect.checkpoint.com/v2/r02/___https:/lightsciencetech.com/___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDplOTZjMTRiZGU2MTI3ZGU5NDA3YzNjMjU4ZGM2OTBmNjo3OjkxNzc6ZWVhODcyMTQyYzVhZWM5ZmU5NmE2ZTAxY2Q0MTg4NjAwYjZlODNlZGVhMDcwZTA1YzhjNjk5MjA1MDBkOTRlYzpwOkY6Tg)
The CEM division excels in designing, procuring, and manufacturing
high-quality electronic products, with a specialisation in Printed Circuit
Boards. These products find application across diverse sectors such as audio,
automotive, electronics, gas detection, lighting, pest control,
telecommunications and AgTech. For more information please visit: Home | UK
Circuits
(https://protect.checkpoint.com/v2/r02/___https:/www.ukcircuits.co.uk/___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDplOTZjMTRiZGU2MTI3ZGU5NDA3YzNjMjU4ZGM2OTBmNjo3OjNlZjI6NGJhM2VjY2YzN2Y5OTg1OTdjMTUwY2RkZTcwOWVmMzljYTRkYzZiMGIyNGY0NTM4MDU3ZmE1MjMxMjhlYjNlNjpwOkY6Tg)
The Group is strongly positioned across a range of high growth sectors with
proven technologies and solutions. It is increasingly focused on high margin
opportunities that will drive cash generation. Furthermore, it is positioned
for accelerated growth, targeting larger contracts and increasing recurring
revenues - as both legislation and global issues look set to underpin demand
for its products, driving the Company towards sustained profitable growth.
Chairman's statement
FY2025 has been a year of disciplined execution and strategic repositioning
for Light Science. While Group revenues reduced to £8.63m (2024: £12.04m),
this reflected the deliberate reshaping of our portfolio and the anticipated
reduction in lower-margin CEM activity. Importantly, the Group delivered a
further improvement in gross margin to 33.8% (2024: 30.3%), demonstrating the
continued success of our shift towards higher-value opportunities and our
ongoing drive to operational efficiencies.
Although the Group recorded a loss before tax of £0.89m (2024: £0.03m), this
was driven by timing effects in PFP contract conversion and the expected
reduction in CEM's servicing of the pest control market.
Across the Group, we have sharpened our strategic focus. The PFP division
continues to build momentum, supported by a growing sales pipeline and
increasing industry recognition of the benefits of Injectaclad as a highly
effective and durable solution for remediating building cavity fire barriers.
With recent signs of regulatory blockages beginning to release, we expect
significantly improved conversion rates in the second half of FY2026.
In the AGT division, we have taken decisive action to preserve a lean cost
base until larger orders in the pipeline begin to convert, ensuring the
division remains efficient and ready to scale.
In the CEM division, we are progressing towards defence, medical and
healthcare accreditations, which will open access to higher-margin markets and
reduce historical customer concentration.
Following the year end, the Group announced a transformational set of plans,
including a successful £6.6m fundraising and the acquisitions of RLUK
Injection Ltd ("RLUK Injection") and the remaining 10% minority interest in
the CEM division's UK Circuits and Electronics Solutions Limited ("UK
Circuits"), together with the associated property.
The acquisition of RLUK Injection secures the intellectual property and supply
chain behind Injectaclad, enhancing the Group's control over a critical asset
within the PFP division and materially improving our ability to scale in a
market with substantial medium-term demand.
Consolidating full ownership of UK Circuits and acquiring the Manchester
property further strengthens the Group's operational base and supports our
strategy to expand into higher margin defence, medical and healthcare markets.
The Board believes these developments create a robust platform for sustained
high-margin growth, reduce reliance on third parties and materially enhance
the Group's medium-term prospects.
Dr Graham Cooley
Non-Executive Chairman
23 April 2026
Chief Executive's report
FY2025 was a transitional year for the Group, with progress made in
strengthening margins, building substantial pipelines and repositioning the
business for higher‑quality growth. While external factors impacted
short‑term revenues, strategic actions taken during and after the period
leave the Group well positioned for improved conversion and stronger
performance in FY2026.
Commercial, Operational and Financial Highlights
The PFP division delivered £1.38m (2024: £1.78m) of revenue during the year
with gross margins of 51.7% (2024: 53.3%). Contract conversion was
significantly slower than anticipated due to delays in project application
approvals at the Building Safety Regulator ("BSR"). The government has
responded by moving, at the end of January 2026, responsibility for the BSR
from the Health and Safety Executive, to become a standalone, arm's-length
body within the Ministry of Housing Communities and Local Government
("MHCLG"). During the year, the PFP division's quoted pipeline grew
significantly from approximately £9m at the start of the financial year to
approximately £20m currently. Recent regulatory progress provides us with
confidence that we will see accelerated conversion within the division in the
second half of FY2026.
The AGT division delivered £0.97m (2024: £0.78m) of revenue during the year
with a 43.0% (2024: 49.9%) gross margin. Focus has been split between
upgrading customers' control systems and associated infrastructure in over 30
commercial glasshouses in the UK, and expanding international partnerships for
our nurturGROW and sensorGROW product solutions. We have continued development
of our sensor technology and software platform, to facilitate expansion
through resellers, lowering the costs of market entry and providing
opportunities to scale the business rapidly. The AGT division remains lean
while we await conversion of the substantial quoted pipeline, currently worth
over £34m. With a strengthened IP position, following grant of a patent for
its environmental sensor, sensorGROW (as announced on 2 June 2025) and growing
international interest resulting from increasing concerns over global food
security driven by the current geopolitical and economic uncertainties around
the world, AGT remains a key long-term growth engine for the Group.
The CEM division delivered £6.31m (2024: £9.51m) revenue during the year
with gross margins of 28.4% (2024: 24.3%). CEM revenue reduced as a direct
result of its largest customer in the pest control market bringing one of its
products to end-of-life, as anticipated. Gross margin improved though, driven
by operational efficiencies and a more diversified customer mix. Customer
concentration within the CEM division, and the Group, reduced during the year
from 49.2% to 30.4% of Group revenue, lowering overall risk exposure. Our
priority for the short-term is to gain defence, medical and healthcare
accreditations, enabling us access to higher-value markets and long-term
contracts. We will continue to focus on a higher-margin customer mix and, as
was experienced during the COVID pandemic, we expect to see more onshoring
back to the UK as a result of global uncertainties and supply and logistics
issues around the world.
Strategic Growth and Market Opportunity
Our focus for FY2025 was to shape the Group for growth, with a strong emphasis
on the PFP division. While awaiting the backlog of project applications at the
BSR to be released, we have continued educating key stakeholders, including
the BSR, on the benefits of Injectaclad as an optimal solution for remediating
cavity fire barriers, versus the substantially more expensive and disruptive
alternative of removing building façades. During the year, we have run
continuing professional development and training sessions for stakeholders,
including the BSR, underpinning their understanding of the Injectaclad
solution, particularly given the increasing number of BSR applications on
which Injectaclad is now being specified. We plan to increase the number of
Injectaclad CPD sessions during 2026 and continue to expand awareness and
education throughout the industry.
There are estimated to be over 40,000 buildings in the UK alone potentially
requiring remediation work, with an addressable market estimated to be worth
over £4bn(( 1 (#_ftn1) )). To date, approximately 150 buildings have been
completed using the patented Injectaclad solution, providing a very solid
experience base on which to scale.
The post-year-end acquisition of RLUK Injection, owner of the patented
Injectaclad system, brings the entire value chain of the PFP division under
the Group's control, significantly strengthening the Group's strategic
position and materially enhancing our ability to scale revenue and improve
already strong gross margins.
Within the AGT division, our UK growth strategy has been to increase the
visibility of our turnkey offering to the current customer base, through a
number of media channels. The project win for Nottingham Trent University
("NTU"), worth approximately £0.60m (announced on 27 October 2025 and updated
on 30 March 2026) sees all three of our Group divisions join forces to deliver
an innovative research centre for our customer, showcasing to the market the
multiple capabilities and synergies across the Group.
Internationally we have seen our lighting products delivered into Germany and
Poland during the year. We have engaged a new sales executive to support
scaling of the sensorGROW product range through global distribution partners,
and to convert the associated recurring revenues. We have continued to
manufacture the sensorGROW product in house, through our CEM division,
ensuring control of the process and costs.
The market opportunity in sensors is estimated to be worth approximately £3.6
billion globally and growing at a compound annual growth rate of 11.3%(( 2
(#_ftn2) )). With the cost of fertiliser and other key inputs increasing
globally, it has become more important than ever to manage resources usage
with live data. Our system provides customers with control of these key inputs
and gives them the tools to increase their crop yields.
Within the CEM division, we have focused on de-risking our customer base,
particularly the high level of historic concentration from our largest
customer in the pest control market. We have been re-positioning the business
and working on gaining new customers in higher-value markets and towards the
end of the year have successfully started servicing into a new market
supplying digital signs for London transport.
Post year we acquired the remaining 10% shareholding in the CEM division's UK
Circuits, along with the remaining two units of the Manchester property,
giving the Group full control of the CEM division and eliminating rental
costs. The site will also become a northern base for PFP distribution and
training, supporting faster mobilisation and improved customer reach.
Central to our strategy is to gain the required accreditations to enter higher
tiers of the defence, medical and healthcare markets: to this end, we have
received defence industry specialist support to assist us in alignment of our
procedures and processes. We have been working to a detailed framework to
achieve readiness for the accreditations and our recent equity fundraise will
be instrumental in providing the resources to continue our progression through
the required gateways. Additionally, we have attended a number of defence
shows during the year and have been establishing new contacts into a growing
market with £31.7 billion spent directly with UK based businesses(( 3
(#_ftn3) )). With increased geopolitical tensions throughout the world and
significantly heightened global volatility, we see the defence market as a key
growth target for the CEM division.
Finally, we have brought our marketing function back in house during the
financial year and have seen resulting improvements in communications with
Group customers and stakeholders.
Financial Review
Income Statement
The PFP division recorded a decrease in year-on-year revenue from £1.78m in
FY2024 to £1.38m in FY2025, being impacted significantly from project delays
caused by the backlog of approval applications within the BSR. Encouragingly,
gross margins held consistently strong above 50% year-on-year, achieving 51.7%
for the year (2024: 53.3%).
The AGT division saw revenue growth of 24.4% year-on-year, increasing from
£0.78m in FY2024 to £0.97m in FY2025, with a gross margin delivery of 43.0%
(2024: 49.9%). The Board continued with its strategy of creating and
developing global partnerships alongside growing its well-established UK
business upgrading glasshouse control systems and associated infrastructure.
The CEM division saw a reduction in year-on-year revenue from £9.51m in
FY2024 to £6.31m in FY2025, resulting directly from its largest customer in
the pest control market bringing one of its products to end-of-life, as
anticipated. Significantly, gross margin continued to improve, increasing
year-on-year from 24.3% to 28.4%, driven by a strong commercial focus and
continued operational efficiencies gained from investment in equipment and
systems. The Board continues to take various actions aimed at maintaining and
improving margin generation.
At a Group level, whilst revenues reduced by 28.3% to £8.63m (2024:
£12.04m), gross margin increased to 33.8% (2024: 30.3%).
Despite increased employee and marketing costs to support the Group's growth
strategy, the Board continued to maintain control over overhead costs, with
administrative expenses increasing only 8.0% from £3.34m to £3.60m, in the
backdrop of continued inflationary pressures.
Group loss before tax increased from £0.03m to £0.89m, reflecting the effect
of reduced Group revenue, albeit at significantly stronger gross margin
delivery.
Balance Sheet
The Group continued to invest in developing the AGT division's core product
offering, leading to additions in the year of £0.10m in intangible
development assets. Ongoing development costs relating to sensorGROW's
extended functionality into nitrous oxide and plant rootzones were partly
covered by UKRI grants, so a further £0.06m of grant income has been deferred
within the year in respect of these intangible assets, and is accordingly
shown separately within other payables. Due to the slower than originally
anticipated revenue growth over the preceding few years and historic working
capital support for Light Science Technologies Ltd in the AGT division, an
impairment provision of £2.59m (2024: £0.09m) was recognised in the Company
only accounts, the consolidated Group accounts are unaffected by this
provision.
Year-on-year inventory levels were broadly consistent at £0.74m (2024:
£0.81m), with stockholding levels closely managed and predominantly allocated
to specific customer orders.
Cash Flow
Cash and cash equivalents reduced to £0.72m as at 30 November 2025 (2024:
£1.21m) with working capital facilities fully utilised (2024: £0.66m
undrawn). Net debt increased to £0.95m (2024: £0.71m) and cash generated
from operations for the full-year reduced to £0.52m (2024: £1.53m).
Outlook
Following the move of responsibility for the BSR at the end of January 2026,
the regulator has recently published its Strategic Plan ("Plan") for
2026-2027(( 4 (#_ftn4) )), which highlights the need to cut delays and
expedite cladding remediation schemes, (as announced by the Company on 9 April
2026). The Plan sets out an ambition to deliver decisions on a significant
proportion of remediation applications within a 12-week timeframe (for
non-complex cases), alongside measures to improve application quality,
increase transparency, and streamline engagement with industry participants.
Notably, the regulator has also stated 'building control approval will no
longer be a blocker to fixing homes'.
The Company welcomes the BSR's clear acknowledgement of current delays within
the building safety approvals process and its stated commitment to improving
throughput and reducing bottlenecks, and anticipates a strong second-half
revenue delivery, as conversion of the approximately £20m sales pipeline
starts to take effect.
The AGT division has made a solid start to the new financial year, with the
NTU project worth approximately £0.6m now well underway, and additionally we
announced a new contract award on 30 March 2026 for a university in Wales,
worth approximately £0.3m. Both contracts provide our turnkey AgTech products
and solutions, with revenues expected to be wholly recognised in FY2026.
Whilst preserving a lean cost base within the AGT division, our focus is to
continue building relationships in the UK, servicing the 100-plus AgTech
customers who have purchased its products and solutions. Furthermore, we will
continue branching out internationally with distributors for our sensorGROW
hardware and software, and as more sensorGROW installations are implemented,
increasing recurring revenues will be delivered for the Group. Food security
is becoming ever increasingly important, with the cost of food production
spiraling due to the heightening levels of global geopolitical instability and
volatility. Our sensorGROW hardware and live monitoring system helps reduce
these input costs for commercial indoor growers and broadacre farmers across
the world, in a market estimated to be worth approximately £3.6 billion
globally, growing at a compound annual growth rate of 11.3%(( 5 (#_ftn5) )).
The CEM division has tracked in line with expectations for the new financial
year to date and good progress has been made in preparation for the required
accreditations, to enter higher tiers of the defence, medical and healthcare
markets. As a result of increased global instability and geopolitical
tensions, we see defence as a key growth market for the CEM division, with
£31.7 billion spent last year in this sector, directly with UK based
businesses(( 6 (#_ftn6) )).
The Group recently completed a £6.6m fundraising alongside three strategic
acquisitions that will materially reshape its operational footprint.
The 100% acquisition of RLUK Injection, owner of the patented Injectaclad
system, brings the entire value chain of the PFP division under Group control.
This secures supply, protects margin, and enables the Group to accelerate
growth by integrating product development, installation, and distribution. We
believe the acquisition of RLUK Injection, owner of the patented Injectaclad
system, will be a key step forward in our strategy to become the market leader
in the remediation of building cavity fire barriers, with over 40,000
buildings estimated to require work in the UK alone. Injectaclad's strong
financial performance and extensive testing credentials provide a powerful
platform to scale in the UK, with an addressable market estimated to be worth
over £4bn(( 7 (#_ftn7) )), and the potential to expand internationally.
Additionally, the remaining 10% shareholding in the CEM division's UK Circuits
was acquired, along with the remaining two units of the Manchester property,
giving the Group full control of the CEM division and eliminating rental
costs. The site will also become a northern base for PFP distribution and
training, supporting faster mobilisation and improved customer reach.
Given the heightened levels of global volatility, we will continue to steer
the Group on a flexible and agile footing to best protect its financial
position, whilst capitalising on opportunities. The Group's strengthened
balance sheet and enlarged operational platform position us to pursue larger
contracts, increase recurring revenues, and accelerate progress toward the
Board's medium-term ambition of reaching £50m in Group revenues.
We will progress through FY2026 with a strengthened financial position, an
expanded platform, and a clear strategy to deliver sustained profitable
growth.
Simon Deacon
Chief Executive Officer
23 April 2026
Consolidated Statement of Comprehensive Income
For the year ended 30 November 2025
2025 2024
Notes £'000 £'000
Revenue 3 8,632 12,037
Cost of sales (5,718) (8,393)
Gross profit 2,914 3,644
Administrative expenses (3,604) (3,337)
Non-underlying administrative expenses - (127)
Other operating income 95 169
Operating (loss) / profit 4 (595) 349
Finance costs (299) (380)
Loss on ordinary activities before taxation (894) (31)
Income tax charge / (credit) 5 (70) 11
Loss and total comprehensive income for the year (964) (20)
Attributable to: (979) (47)
The owners of the Company
Non-controlling interests 15 27
(964) (20)
Loss per share
Basic and diluted (pence) 6 (0.30) (0.01)
Consolidated Balance Sheet
Registered Number: 12398098
As at 30 November 2025
30 November 2025 30 November
2024
£'000 £'000
Assets
Non-current assets
Goodwill 921 921
Intangible assets 1,429 1,533
Property, plant and equipment 606 724
Right-of-use assets 429 473
3,385 3,651
Current assets
Inventories 735 811
Trade and other receivables 1,425 2,616
Corporation tax receivable - 26
Cash and cash equivalents 723 1,215
2,883 4,668
Total assets 6,268 8,319
Liabilities
Current liabilities
Borrowings (850) (893)
Trade and other payables (1,745) (2,341)
Corporation tax payable (13) -
Consideration payable (459) (395)
Lease liabilities (176) (151)
(3,243) (3,780)
Non-current liabilities
Borrowings (425) (595)
Trade and other payables (362) (346)
Consideration payable (464) (827)
Lease liabilities (220) (290)
(1,471) (2,058)
Total liabilities (4,714) (5,838)
Net assets 1,554 2,481
Capital and reserves attributable to the owners of the Company 3,330 3,330
Share capital 5,520 5,520
Share premium account 561 524
Share based payment reserve
Warrant reserve - 160
Merger reserve (3,479) (3,479)
Retained earnings (4,790) (3,971)
1,142 2,084
Non-controlling interests 412 397
Total equity 1,554 2,481
Consolidated Statements of Changes in Equity
For the year ended 30 November 2025
Share premium account Share based payment reserve Warrant reserve Merger reserve Retained earnings Non- controlling
Share capital interests
£'000 Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 November 2024
3,330 5,520 524 160 (3,479) (3,971) 397 2,481
Transactions with shareholders
Share based payments
- - 37 - - - - 37
Warrants - lapsed warrants
- - - (160) - 160 - -
Total transactions with shareholders - - 160 - 37
37 (160) -
Comprehensive income
(Loss)/profit for the year
- - - - - (979) 15 (964)
Total comprehensive income
- - - - - (979) 15 (964)
At 30 November 2025
3,330 5,520 561 160 (3,479) (4,790) 412 1,554
Share premium account Share based payment reserve Warrant reserve Merger reserve Retained earnings Non- controlling
Share capital interests
Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 November 2023
3,330 5,520 547 160 (3,479) (3,980) 370 2,468
Transactions with shareholders
Share based payments
- - 33 - - - - 33
Share based payments - lapsed options
- - (56) - - 56 - -
Total transactions with shareholders -
- (23) - - 56 - 33
Comprehensive income
(Loss)/profit for the year - - - - - (47) 27 (20)
Total comprehensive income
- - - - - (47) 27 (20)
At 30 November 2024
3,3305 5,520 524 160 (3,479) (3,971) 397 2,481
Consolidated Cash Flow Statement
For the year ended 30 November 2025
2025 2024
Notes £'000 £'000
Cash flows from operating activities (964) (20)
Loss after tax
Adjustments for: 4 116 150
Depreciation of tangible assets
Depreciation of right-of-use assets 4 160 124
Amortisation and impairment of intangible assets 4 205 308
Loss on disposal of tangible and right-of-use assets 4 1
Foreign exchange loss 4 3 2
Unwind of discount on consideration 113 100
Interest payable - loan and leases 120 129
Taxation and RDEC credit 5 1 (55)
Share based payment 37 33
76 589
Changes in working capital:
Decrease in inventory
Decrease/(increase) in trade and other receivables 1,262 (461)
(Decrease)/increase in trade and other payables (583) 567
Cash inflow from operations 550 1,467
Tax (paid) / received 5 (31) 67
Net cash inflow from operating activities 519 1,534
Cash flows from investing activities (19) (29)
Purchase of property, plant and equipment
Proceeds from disposal of property, plant and equipment 15 9
Acquisition - consideration paid (412) (261)
Purchase of intangible fixed assets (101) (281)
Purchase of right-of-use-assets - (16)
Net cash outflow from investing activities (517) (578)
Cash flows from financing activities
Repayment of loans (350) (302)
Proceeds from new loans - 850
Lease payments (197) (154)
Net increase / (repayment) of working capital facilities 137 (1,020)
Interest paid on loans (84) (97)
Net cash outflow from financing activities (494) (723)
Increase in cash and cash equivalents (492) 233
1,215 982
Cash and cash equivalents at the start of the year
Cash and cash equivalents at the end of the year 723 1,215
Notes to the financial statements
1 General Information
In accordance with Section 435 of the Companies Act 2006, the Group confirms
that the financial information for the years ended 30 November 2025 and 2024
are derived from the Group's audited financial statements and that these are
not statutory accounts and, as such, do not contain all information required
to be disclosed in the financial statements prepared in accordance with
UK-adopted International Accounting Standards. The statutory accounts for the
year ended 30 November 2024 have been delivered to the Registrar of Companies.
The statutory accounts for the year ended 30 November 2025 have been audited
and approved but have not yet been filed. The Group's audited financial
statements for the year ended 30 November 2025 received an unqualified audit
opinion and the auditor's report contained no statement under section 498(2)
or 498(3) of the Companies Act 2006.
The financial information contained within this full year results statement
was approved and authorised for issue by the Board on 23 April 2026. The 2025
accounts, together with notice of the Annual General Meeting, are expected to
be posted to shareholders on 24 April 2026 and will be available from the
Light Science Technologies Holdings plc website
(www.lightsciencetechnologiesholdings.com
(https://protect.checkpoint.com/v2/r02/___http:/www.lightsciencetechnologiesholdings.com___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDplOTZjMTRiZGU2MTI3ZGU5NDA3YzNjMjU4ZGM2OTBmNjo3OmZlY2Y6OGQwMWY2OWI2NjYxYTNlMzY3MDE3YTNmNzcyZDkzMGUzYjNjMjQ5YTQwMDU4YWYzYWYyOTNjN2NhNmY5MWExMjpwOkY6Tg)
) from the 24 April 2026. They will also be available from the Chief Financial
Officer, Light Science Technologies Holdings plc, Ednaston Park Business
Centre, Painters Lane, Ednaston, Ashbourne, DE6 3FA.
The Group financial statements have been prepared under the historical cost
convention and under the basis of going concern. The principal accounting
policies adopted are consistent with those disclosed in the financial
statements for the year ended 30 November 2024.
2 Going concern
Working capital forecasts have been prepared by
management which show that the Group can meet its day-to-day cash flow
requirements and operate within all the terms of its borrowing facilities.
The Directors are satisfied that the Group has sufficient
financing in place to continue to meet its liabilities as they fall due for a
period of at least 12 months from the date of approval of this report and
hence have prepared the financial statements on a going concern basis.
The Directors acknowledge that there is uncertainty
on the level and timing of revenues especially in the AgTech and Passive Fire
Protection divisions, and there would be a possible need to renegotiate the
terms of its borrowing facilities or obtain a temporary covenant waiver,
should the Group's expectations for revenue generation over the coming 12
months not materialise as expected. The Directors note that this material
uncertainty may cast significant doubt on the Group's and Company's ability to
continue as a going concern.
In response to these matters the Group is continuing
to manage cash flows and discretionary spending.
The financial statements do not include any adjustments that
would result if the Group and Company were unable to continue as a going
concern.
3 Revenue and segmental reporting
The Group has three operating segments:
· 'Contract electronics manufacture' (CEM) relating to the
development and manufacturing of electronic boards.
· 'AgTech' relating to the development, manufacturing and
installation of lighting, technology and other products for the AgTech (AGT)
sector.
· 'Passive fire protection' (PFP) relating to the installation of a
retrospective cavity barrier in wall and floor constructions.
Corporate refers to the Group's centralised resources used by the segments.
The Chief Operating Decision Maker (CODM) has been determined to be the Board.
The performance of the three reportable segments is based upon a review of
profits and segmental assets/liabilities.
The total revenue of the Group for the year has been derived from its
principal activity wholly undertaken through operations in the United Kingdom
and Republic of Ireland.
Revenue by geography: 2025 2024
£'000 £'000
United Kingdom 8,410 11,966
Europe 221 71
Rest of World 1 -
8,632 12,037
Revenue in respect of the supply of hardware and project services is
recognised at a point in time either at the point of customer collection,
dispatch or project completion. Revenue in respect of services is recognised
over time evenly over the number of months supported or as measured by the
number of linear meters installed.
Revenue by products and services: 2025 2024
£'000 £'000
Supply of hardware (CEM) 6,307 9,514
Supply of hardware (AGT) 253 199
Supply of project services (AGT) 493 438
Supply of maintenance services (AGT) 219 141
Supply of installation services (PFP) 1,378 1,778
Intercompany eliminations (18) (33)
8,632 12,037
During the year to 30 November 2025 one CEM customer represented 30.4% of
total revenue (2024: 49.2%).
30 November 2025 Contract electronics manufacture AgTech Passive fire protection Corporate and intercompany eliminations Total
£'000 £'000 £'000 £'000 £'000
Revenue 6,307 965 1,378 (18) 8,632
Gross profit 1,790 415 712 (3) 2,914
Depreciation, amortisation and impairment (187) (157) (109) (28) (481)
Operating profit/(loss) 371 (318) 308 (956) (595)
Segment assets 2,835 2,017 1,212 204 6,268
Segment liabilities (2,540) (788) (982) (404) (4,714)
The corporate and intercompany eliminations operating profit/(loss) is greater
than the prior year due to a reduction in intercompany management charges
levied on the divisions.
30 November 2024 Contract electronics manufacture AgTech Passive fire protection Corporate and intercompany eliminations Total
£'000 £'000 £'000 £'000 £'000
Revenue 9,514 778 1,778 (33) 12,037
Gross profit 2,314 388 947 (5) 3,644
Depreciation, amortisation and impairment (193) (281) (94) (14) (582)
Operating profit/(loss) 639 (521) 633 (402) 349
Segment assets 4,128 2,321 1,743 127 8,319
Segment liabilities (3,541) (741) (1,194) (362) (5,838)
4 Operating profit / (loss)
Operating profit/(loss) is stated after charging: 2025 2024
£'000 £'000
Depreciation on property, plant and equipment 116 150
Depreciation on right-of-use assets 160 124
Amortisation of intangible assets 205 181
Loss on sale of fixed assets 4 1
Impairment of intangible assets - 127
Research and development expenses 13 26
Inventory expensed 4,046 6,261
Foreign exchange losses 3 2
Short term low value lease expenses 9 25
Share based payments 37 33
5 Taxation
The tax charge / (credit) is made up as follows:
2025 2024
£'000 £'000
Current tax expense
UK corporation tax for the year 13 (12)
Adjustment in respect of prior year 57 1
Total current income tax 70 (11)
Deferred tax
Origination and reversal of timing difference - -
Adjustment in respect of prior year - -
- -
70 (11)
Reconciliation of effective tax rate
The tax assessed for the year varies from the average standard rate of
corporation as explained below:
2025 2024
£'000 £'000
Loss on ordinary activities before taxation (894) (31)
UK tax credit at average standard rate of 25% (2024: 25%) (224) (8)
Fixed asset differences 3 4
Expenses not deductible for tax 30 23
Adjustment to corporation tax in respect of prior periods 57 1
Adjustment for R&D tax credit including SME claims - (64)
Surrender of tax losses for R&D tax credit refund - 11
Movement in deferred tax not recognised 204 22
Tax charge / (credit) in statement of comprehensive income 70 (11)
6 Loss per share
Basic loss per share is calculation on the loss for the year
after taxation attributable to the owners of the parent of £978,496 (2024:
£46,721) and on 324,105,500 ordinary shares (2024: 324,105,500), being the
weighted number in issue during the year excluding shares held by the Employee
Benefit Trust.
30 November 2025 30 November 2024
Weighted average number of shares (000's) Per share amount (pence) Weighted average number of shares (000's) Per share amount (pence)
Loss Loss
£'000 £'000
Basic and Diluted EPS
Weighted average number of ordinary shares 333,005,500 333,005,500
Adjusted for the effect of own shares held by Employee Benefit Trust (EBT) (8,900,000) (8,900,000)
Earnings attributable to ordinary shareholders of the Company (979) 324,105,500 (0.30) (47) 324,105,500 (0.01)
Diluted earnings per share
Basic and diluted earnings per share are equal for 2025 and 2024,
since where a loss is incurred the effect of outstanding share options and
warrants is considered anti-dilutive and is ignored for the purpose of the
loss per share calculation.
7 Annual General Meeting
The annual general meeting is to be held at 10 am on
Friday, 22 May 2026 at Ednaston Park Business Centre, Painters Lane, Ednaston,
Ashbourne, DE6 3FA. Please refer to the Notice of AGM for full details.
1 (#_ftnref1)
https://www.gov.uk/government/publications/building-safety-programme-estimates-of-ews1-requirements-on-residential-buildings-in-england/building-safety-programme-estimates-of-ews1-requirements-on-residential-buildings-in-england
(https://protect.checkpoint.com/v2/r02/___https:/www.gov.uk/government/publications/building-safety-programme-estimates-of-ews1-requirements-on-residential-buildings-in-england/building-safety-programme-estimates-of-ews1-requirements-on-residential-buildings-in-england___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDowMjU2M2JiM2Y3NjVkNGZmYmFiOTRjYjkxNzdmMGQ1MDo3Ojc1ZTY6YTgzYWU1ZWRlMDdmODA1MWZhNjg3YTExMjU4NTU0OWEwMjZkOTg1MzZjNzFjZTY1NzJmOTk0YzZhMmU4N2E2NTpwOkY6Tg)
, over 40,000 buildings requiring an EWS1, multiplied by the average
remediation cost to date of similarly sized buildings per management's
calculations
2 (#_ftnref2) Agricultural Sensors Market 2032:
(https://www.credenceresearch.com/report/agriculture-sensors-market
(https://protect.checkpoint.com/v2/r02/___https:/www.credenceresearch.com/report/agriculture-sensors-market___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDplOTZjMTRiZGU2MTI3ZGU5NDA3YzNjMjU4ZGM2OTBmNjo3Ojk2MDM6NzUwYTQ2ZDNiMDE3ZTRmMTQ5MzRiZTg1MDdkNTU2OGFlMjFlNzhiYjMwZjQzOGFkODZjMjAwZjFkNGY0OGUzNzpwOkY6Tg)
): USD $4.8 billion by 2032 converted at GBP £1 = USD $1.35.
3 (#_ftnref3)
https://www.gov.uk/government/news/british-economy-sees-defence-dividend-as-new-figures-reveal-above-inflation-increase-in-spend-with-industry
(https://protect.checkpoint.com/v2/r02/___https:/www.gov.uk/government/news/british-economy-sees-defence-dividend-as-new-figures-reveal-above-inflation-increase-in-spend-with-industry___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDplOTZjMTRiZGU2MTI3ZGU5NDA3YzNjMjU4ZGM2OTBmNjo3OjZiMzc6NmE2MzZkOWJlZGJhYTMyNDdjM2QzMDZiYjNiMjZhNjIwNDNkZTIzNDllZDIxYTNiYjc3MzQyMjBlZThlZTEyNzpwOkY6Tg)
4 (#_ftnref4)
https://www.gov.uk/government/publications/building-safety-regulator-strategic-plan-2026-to-2027
(https://protect.checkpoint.com/v2/r02/___https:/www.gov.uk/government/publications/building-safety-regulator-strategic-plan-2026-to-2027___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDplOTZjMTRiZGU2MTI3ZGU5NDA3YzNjMjU4ZGM2OTBmNjo3OjMwYTk6MTE0ZjRkNGVkNmM5ZjBiNGQyOTc1NTY5YzBjNDQ3Nzc4MmJiZWVmMDBjNjA4MDhjNzFiNzViZWM1ZWUzZTJlYTpwOkY6Tg)
5 (#_ftnref5) Agricultural Sensors Market 2032:
(https://www.credenceresearch.com/report/agriculture-sensors-market
(https://protect.checkpoint.com/v2/r02/___https:/www.credenceresearch.com/report/agriculture-sensors-market___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDplOTZjMTRiZGU2MTI3ZGU5NDA3YzNjMjU4ZGM2OTBmNjo3Ojk2MDM6NzUwYTQ2ZDNiMDE3ZTRmMTQ5MzRiZTg1MDdkNTU2OGFlMjFlNzhiYjMwZjQzOGFkODZjMjAwZjFkNGY0OGUzNzpwOkY6Tg)
): USD $4.8 billion by 2032 converted at GBP £1 = USD $1.35.
(( 6 (#_ftnref6) ))
https://www.gov.uk/government/news/british-economy-sees-defence-dividend-as-new-figures-reveal-above-inflation-increase-in-spend-with-industry
(https://protect.checkpoint.com/v2/r02/___https:/www.gov.uk/government/news/british-economy-sees-defence-dividend-as-new-figures-reveal-above-inflation-increase-in-spend-with-industry___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDplOTZjMTRiZGU2MTI3ZGU5NDA3YzNjMjU4ZGM2OTBmNjo3OjZiMzc6NmE2MzZkOWJlZGJhYTMyNDdjM2QzMDZiYjNiMjZhNjIwNDNkZTIzNDllZDIxYTNiYjc3MzQyMjBlZThlZTEyNzpwOkY6Tg)
7 (#_ftnref7)
https://www.gov.uk/government/publications/building-safety-programme-estimates-of-ews1-requirements-on-residential-buildings-in-england/building-safety-programme-estimates-of-ews1-requirements-on-residential-buildings-in-england
(https://protect.checkpoint.com/v2/r02/___https:/www.gov.uk/government/publications/building-safety-programme-estimates-of-ews1-requirements-on-residential-buildings-in-england/building-safety-programme-estimates-of-ews1-requirements-on-residential-buildings-in-england___.YXAxZTpzaG9yZWNhcDpjOm9mZmljZTM2NV9lbWFpbHNfYXR0YWNobWVudDowMjU2M2JiM2Y3NjVkNGZmYmFiOTRjYjkxNzdmMGQ1MDo3Ojc1ZTY6YTgzYWU1ZWRlMDdmODA1MWZhNjg3YTExMjU4NTU0OWEwMjZkOTg1MzZjNzFjZTY1NzJmOTk0YzZhMmU4N2E2NTpwOkY6Tg)
, over 40,000 buildings requiring an EWS1, multiplied by the average
remediation cost to date of similarly sized buildings per management's
calculations
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