REG - Light Science Tech. - Half-year Report
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RNS Number : 0727V Light Science Tech. Holdings PLC 13 August 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) 596 / 2014 WHICH FORMS PART OF UNITED KINGDOM LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Light Science Technologies Holdings plc
("LSTH", "Light Science", the "Company" or the "Group")
Interim Results
Continued strong margin growth and positive operating profit
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 unaudited
interim results for the six months ended 31 May 2025 (the "Period").
Financial Highlights
· Revenue of £5.1m (H1 2024: £5.2m)
· Divisional revenue contributions: 18.8% Passive Fire Protection
("PFP") (H1 2024: 5.7%); 10.9% AgTech ("AGT") (H1 2024: 7.3%); 70.3% Contract
Electronics Manufacturing ("CEM") (H1 2024: 87.0%), reflecting changing sales
mix and focus on higher margin opportunities
· Gross margin increased by 36.5% to 36.3% (H1 2024: 26.6%)
· Maiden interim operating profit of £0.04m (H1 2024: £0.19m loss)
· Loss before tax reduced by 51.2% to £0.16m (H1 2024: £0.33m)
· Group cash at 31 May 2025 was £1.1m (31 May 2024: £1.0m) additional
undrawn funds of approximately £0.7m (31 May 2024: £0.5m) available under
debt facilities with Close Bros.
Operational Highlights
· PFP division further positioned to focus on near-term revenues and
cash generation
· AGT division grew routes to market both within indoor and broadacre
environments while expanding globally with first European orders now delivered
· CEM division focused on de-risking high customer concentration and on
higher margin markets
Post-Period End Highlights
· Increased Group quoted sales pipeline, currently worth over £58m,
from £51m at the same time in 2024.
· PFP division: Injectaclad system proven to have 50-year lifespan
(>3 times industry standard)
· AGT patent awarded and business development manager appointed
· CEM division joined 'Make UK Defence' with a view to expanding its
manufacturing services tailored to the defence sector
Online Analyst Briefing: 10.00am, Wednesday 13 August
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: 4.00pm, Wednesday 13 August
Management will provide a live online presentation and host an investor
Q&A session via the Investor Meet Company platform on the interim results
and the Company's future prospects, at 4.00pm today. 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
(https://www.investormeetcompany.com/light-science-technologies-holdings-plc/register-investor)
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.
Institutional Investor Meetings:
The Company will be in London for meetings/calls during the week commencing
Monday 18 August. If you would like to meet or have a call with the management
team, please contact your usual sales contact at Shore Capital or Maisie Rose
Brown.
Simon Deacon, CEO of LSTH, commented: "This was another period of positive
progress as we continued to target high margin opportunities across our
divisions, underpinning strong gross margin growth. Combined with a growing
Group quoted sales pipeline and continued overhead cost control, we are
increasingly well positioned for the future."
"Further scaling of the PFP and AGT divisions, in particular, is expected and
the Board remains confident that the Group is well-placed to achieve its
short-term objectives of delivering sustained net profitability. We look
forward to providing additional updates that will further underpin the Board's
full year expectations."
Copies of this announcement are available on the Company's website,
www.lightsciencetechnologiesholdings.com
(http://www.lightsciencetechnologiesholdings.com) .
For additional information please contact:
Light Science Technologies Holdings plc www.lightsciencetechnologiesholdings.com
(http://www.lightsciencetechnologiesholdings.com)
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
Tom Griffiths / George Payne
Walbrook PR Ltd (Media & Investor Relations) Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com (mailto:lst@walbrookpr.com)
Nick Rome / Joe Walker
Notes to Editors:
About Light Science Technologies Holdings
plc (www.lightsciencetechnologiesholdings.com
(http://www.lightsciencetechnologiesholdings.com/) )
Light Science Technologies Holdings plc 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, including commercial horticulture, pest control, lighting,
audio, gas detection, and fire protection. 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.
LSTH is the holding company for LSTH IFB Limited ("LSTH IFB") in the PFP
division; Light Science Technologies Ltd ("Light Science Technologies") and
Tomtech (UK) Limited ("Tomtech") in the AGT division and UK Circuits and
Electronics Solutions Limited ("UK Circuits") in the CEM division.
Passive Fire Protection (https://injectafirebarrier.com/
(https://injectafirebarrier.com/) )
LSTH IFB offers a practical and cost-effective solution to rectify
non-compliant public and private buildings, spanning residential, commercial,
and industrial sectors, with regard to fire safety regulations - a challenge
addressed by a £6.1 billion allocation from the UK government. Serving as the
UK's premier independent approved installer, LSTH IFB utilises the
ground-breaking Injectaclad fire-resistant graphite barrier system. This
system is retroactively installed within building cavities, reinstating
fire-resistant performance and containing the spread of fire and smoke
compliant with regulatory requirements. This innovative solution stands out as
an appealing alternative to the more costly and disruptive method of removing
external facades and installing traditional fire barriers. With a proven track
record in the passive fire protection market and a robust sales pipeline, LSTH
IFB targets a UK market potentially valued at up to £50 billion*.
AgTech
The Group's tailored 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 the Americas, Australasia, and select locations in the Middle
East.
The sensorGROW technology enables real-time monitoring of essential air zone
growing factors such as carbon dioxide, air humidity, air pressure, air
temperature and light, in addition to essential root zone cardinals such as
soil temperature, soil moisture, and soil electroconductivity. Further
developments to monitor greenhouse gases, initially Nitrous Oxide (N20) are in
progress. This empowers farmers to enhance resource management, saving costs
on water, nutrients, fertilizers, and energy, while simultaneously increasing
yields and cultivating healthier crops. Learn more here:
https://lightsciencetech.com/sensorgrow/
(https://lightsciencetech.com/sensorgrow/) . The nurturGROW sustainable grow
lighting product range, applicable to greenhouses, vertical farming,
polytunnels, and licensed medicinal plants, addresses a robust market with an
anticipated global worth of £9.1 billion** by 2030. Explore solutions
here https://lightsciencetech.com/solutions/greenhouse/
(https://lightsciencetech.com/solutions/greenhouse/)
Through Tomtech, the Group stands out as a UK leader in control systems for
commercial greenhouses and polytunnels. Tomtech enables growers to optimise
and automate cultivation environments, leading to superior crop growth. The
product range includes control systems, software, irrigation, lighting,
sensors, and venting, applicable across various crops, ultimately improving
yields and profitability. Discover more here https://www.tomtech.co.uk/
(https://www.tomtech.co.uk/)
Contract Electronics Manufacturing (https://www.ukcircuits.co.uk/
(https://www.ukcircuits.co.uk/) )
UK Circuits serves as the Group's profitable and well-established CEM-focused
division. It 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.
* Estimators price cladding replacement at 10 times government budget
(theconstructionindex.co.uk)
(https://urldefense.proofpoint.com/v2/url?u=https-3A__www.theconstructionindex.co.uk_news_view_estimators-2Dprice-2Dcladding-2Dreplacement-2Dat-2D10-2Dtimes-2Dgovernment-2Dbudget&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=k3ztxpiL9GaLwCCGU9fPymgPVcqvYBuqTjjYyTHwiDE&m=FkrfCU8L8JbNSpJy2iOqi_ufsIhPkBWqki20NIFJFw75Xk8uHWT1vpic2OJY0ioQ&s=PR1_EBbDTB9ZM08WpCO_9ThUQ0hELxP6lsaT57zpanA&e=)
2021
**Report: Allied Market Research LED Grow Lights Market Analysis 2030;
(https://www.alliedmarketresearch.com/led-grow-lights-market-A12416): USD
$12.3 billion by 2030 converted at GBP £1 = USD $1.35.
(https://www.alliedmarketresearch.com/led-grow-lights-market-A12416)
Chief Executive's Report
This was a period of continued positive progress for the Group, with further
strong gross margin growth primarily driven by the changing sales mix and
focus on high margin opportunities, especially through the Passive Fire
Protection ("PFP") and AgTech ("AGT") divisions.
Group revenue for the six months to 31 May 2025 was £5.1m (H1 2024: £5.2m),
a 2.7% marginal reduction reflecting the changes in sales mix and rebalancing
of the portfolio. The PFP division contributed 18.8% of Group revenue (H1
2024: 5.7%), the AGT division contributed 10.9% (H1 2024: 7.3%), practically
offsetting the anticipated reduction in Contract Electronics Manufacturing
("CEM") revenues, which contributed 70.3% (H1 2024: 87.0%). The Group's
growing focus on PFP and AGT is aligned to its strategy of increasing margins,
cash flow and achieving bottom line profit.
PFP revenues in the Period grew significantly to £1.0m (H1 2024: £0.3m),
with average gross margins increased to 64.3% (H1 2024: 41.2%). AGT revenues
grew to £0.5m (H1 2024: £0.4m), with average gross margins of 42.0% (H1
2024: 48.4%) and CEM generated revenues of £3.6m (H1 2024: £4.5m).
Importantly, CEM achieved gross margins of 27.8% (H1 2024: 23.7%), as the
sales mix was more diverse and targeted. This resulted in an increased Group
gross profit margin of 36.3% for the Period, up considerably from 26.6% in the
first six months of 2024 and up from 30.3% for the 2024 full year. Combined
with the Group's continued emphasis on cost control, a modest maiden interim
operating profit of £0.04m was reported for the Period, a year-on-year
increase of £0.23m (H1 2024: £0.19m operating loss).
The resulting Group loss before tax for the Period reduced by 51.2% to £0.16m
(H1 2024: £0.33m).
The Group continued to invest in developing the AGT division's sensorGROW
product offering, leading to additions in the Period of £0.1m in intangible
development assets.
Inventory levels stabilised during the Period with a stock valuation of £0.8m
at 31 May 2025 (31 May 2024: £1.2m), from a 2024 year-end position of £0.8m.
Inventory is predominantly allocated to specific customer orders.
Group cash at 31 May 2025 was £1.1m with additional available undrawn funds
of £0.7m under debt facilities with Close Brothers (31 May 2024: £1.0m and
£0.5m respectively).
PFP
The PFP division has continued to grow its quoted sales pipeline both during
and post-Period end, which is currently worth approximately £24m, a
significant increase from the approximate £7m value at the same time in 2024.
Following a strong start to trading in Q1 2025, there has since been slower
progress in converting the pipeline than expected, primarily as a result of
delays in the Building Safety Regulator signing off fire safety in tall
buildings and the UK Government responding by making structural changes to the
Regulator itself.
However, there are more recent signs of projects being given the green light
and the Board expects the backlog to be unblocked over the short to
medium-term, with the Group well-placed to convert its very healthy PFP quoted
sales pipeline over the next 18 months and beyond. The Board's confidence is
further underpinned by a positive industry backdrop with the Government's
plans to accelerate remediation of social housing - click here: Joint plan to
accelerate remediation of social housing - GOV.UK
(https://www.gov.uk/government/publications/joint-plan-to-accelerate-social-housing-remediation-and-improve-resident-experience/joint-plan-to-accelerate-remediation-of-social-housing)
, and the majority of UK housebuilders (including Barratt Redrow, Bellway,
Berkeley Group and Taylor Wimpey) are focused on increasing remediation works
with significant financial provisions for fire safety now set aside.
The Board believes that further demand will be underpinned by becoming
specified by fire engineers and architects, and the post-Period end
endorsement of Injectaclad's durability, which was announced on 16 June 2025,
has added further weight to it becoming a credible specified solution.
With strong potential for follow-up contracts from existing clients, whilst
also focusing on converting contracts for new customers, the Board believes
there is significant potential to drive near-term revenues and cash generation
at the same time as increasing visibility for the Group. PFP has the
capability to quickly and cost effectively ramp up its capacity to meet this
expected demand.
AGT
The AGT division has continued to provide significant growth opportunities,
with a current post-Period quoted sales pipeline worth over £34m.
Importantly, global distribution agreements are providing low-cost and
low-risk entry opportunities into high-growth areas, as evidenced by the
post-Period end order for nurturGROW, which was announced on 2 June 2025. The
Group is focused on developing further distribution partnerships, having
signed an agreement with Agrolux Nederland B.V during the Period, and looks
forward to completing on additional global partnership agreements in due
course.
The Group is further building on its established presence in the UK - having
installed and serviced products across the country, generating orders for over
30 years - with conversion of its lighting and sensor sales pipeline in
Europe, from Poland to Romania, Germany and France. Extreme weather patterns
occurring on an increasingly regular basis across the globe, underpin the
Board's confidence that demand for the Group's lighting and sensor solutions
across indoor growing environments, including glasshouses and polytunnels, and
its sensor solution for outdoor broadacre growing, will continue to increase.
The post-Period end patent award for sensorGROW covers its air and root zones
measurement capabilities, enabling existing customers, including Jepco, Bridge
Farm Horticulture and Dyson Farming Research, to measure the key cardinals of
plant life to help them grow more with less in their respective growing
environments. The Group's broader focus is on developing a full environmental
sensor, providing increasing routes to market both within indoor and broadacre
environments. The patent provides a strong building block for this further
development which would include water pollution, air pollution and carbon
monitoring systems.
In parallel, the post-Period end appointment of a business development manager
for sensorGROW, focused on driving product sales across a wide range of
sectors within the AGT market, is expected to support the broader offering to
distribution partners, underpinning continued expansion globally and
increasing recurring revenue streams and Group pipeline visibility.
CEM
As anticipated, the CEM division saw a decrease in revenues during the Period,
predominantly resulting from its largest customer in the pest control market
bringing one of its product lines to end of life, which is now expected to be
completed in the Company's current financial year. Management has been focused
for some considerable time on de-risking the high customer concentration in
the pest control sector, which for the Group reduced to 32.7% for the Period
(H1 2024: 55.8%; FY 2024: 49.2%). The expectation is that this reduction will
continue, with a target Group concentration of 25%-30% by the end of FY 2025,
as the division progresses to expand into other key growth, higher margin
markets, such as defence and healthcare. The UK Government has recently
announced significant increases in spending in both these sectors.
By selling into a range of sectors, including AgTech and targeting new, higher
margin markets, the CEM division is expected to become increasingly de-risked
and less reliant on individual sectors and clients. Moving forward, increasing
levels of automation combined with higher level accreditations, which the
division is currently working on, is expected to facilitate higher margin
opportunities and longer-term contracts, partnering with larger blue chip
companies in key growth sectors.
Outlook
Following a strong performance in Q1 2025, trading conditions in the PFP
division have been subdued, primarily resulting from the delays and backlogs
precipitated by the Building Safety Regulator. There is optimism that backlogs
are now starting to be released and, importantly, the Group has a quoted sales
pipeline for the PFP division currently worth approximately £24m, making it
very well-placed to generate significant revenues from the delayed projects as
they convert to contracts during the remainder of this and subsequent
reporting periods.
The AGT opportunity continues to offer significant upside for the Group in the
medium term - as evidenced by ongoing contract discussions with existing and
new customers as well as the recent patent award, further broadening the AGT
opportunity and underpinning the Board's confidence in the considerable growth
potential. Importantly, increased traction for sensorGROW is expected to
provide growing levels of recurring revenue for the 2026 financial year.
CEM continues to be re-positioned to broaden its customer base and serviceable
markets, with the aim of de-risking the historically high customer
concentration within the pest control sector, at the same time as growing
higher-margin opportunities and larger, long-term contracts, which will
enhance revenue visibility. The progressive move into the defence sector
highlights one of the key areas for future growth within this division.
The Board remains confident of the opportunities available across the Group.
Having set out its stall to focus on trading at a net profitable level,
significant strides have been made, with higher margin growth underpinning a
solid performance for the Period. 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.
Simon Deacon
Chief Executive Officer
12 August 2025
Consolidated statement of comprehensive income
For the six months ended 31 May 2025
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 May 2025 31 May 2024 30 November 2024
Notes £ £ £
Revenue 3 5,057,480 5,199,802 12,037,142
Cost of sales (3,222,033) (3,818,354) (8,393,288)
Gross profit 1,835,447 1,381,448 3,643,854
Administrative expenses (1,809,417) (1,621,819) (3,337,101)
Non-underlying administrative expenses - - (127,241)
Other operating income 14,954 53,743 169,616
Operating profit / (loss) 40,984 (186,628) 349,128
Finance costs (203,998) (147,145) (379,537)
Loss on ordinary activities before taxation (163,014) (333,773) (30,409)
Income tax (expense) / credit 4 (21,067) 18,430 10,844
Loss for the period and total comprehensive income for the period (184,081) (315,343) (19,565)
Attributable to:
The owners of the company (189,071) (332,327) (46,721)
Non-controlling interests 4,990 16,984 27,156
(184,081) (315,543) (19,565)
Loss per share
Basic and diluted (pence) 7 (0.06) (0.10) (0.01)
Consolidated balance sheet
As at 31 May 2025
Unaudited Unaudited Audited
as at 31 May as at 31 May as at 30 November
2025 2024 2024
Notes £ £ £
Assets
Non-current assets
Goodwill 920,867 920,867 920,867
Intangible assets 1,525,068 1,616,064 1,533,074
Property, plant and equipment 633,774 778,096 724,205
Right-of-use assets 521,280 433,171 473,440
3,600,989 3,748,198 3,651,586
Current assets
Inventories 751,763 1,207,300 810,920
Trade and other receivables 1,875,189 3,003,537 2,616,313
Corporation tax receivable 4,203 49,394 25,542
Cash and cash equivalents 1,074,385 1,049,890 1,214,780
3,705,540 5,310,121 4,667,555
Total assets 7,306,529 9,058,319 8,319,141
Liabilities
Current liabilities
Borrowings 5 (767,955) (1,711,373) (893,569)
Trade and other payables (1,939,465) (2,379,890) (2,341,070)
Consideration payable (491,313) (449,618) (394,859)
Lease liabilities (160,034) (115,213) (150,633)
(3,358,767) (4,656,094) (3,780,131)
Non-current liabilities
Borrowings 5 (510,000) (752,222) (595,000)
Trade and other payables (402,295) (321,813) (346,218)
Consideration payable (424,284) (871,313) (827,035)
Lease liabilities (294,884) (291,271) (289,875)
(1,631,463) (2,236,619) (2,058,128)
Total liabilities (4,990,230) (6,892,713) (5,838,259)
Net assets 2,316,299 2,165,606 2,480,882
Capital and reserves attributable to the owners of the company
Share capital 6 3,330,055 3,330,055 3,330,055
Share premium account 5,520,243 5,520,243 5,520,243
Share based payment reserve 543,280 560,284 523,782
Warrant reserve 159,593 159,593 159,593
Merger reserve (3,478,435) (3,478,435) (3,478,435)
Retained earnings (4,160,437) (4,312,972) (3,971,366)
1,914,299 1,778,768 2,083,872
Non-controlling interests 402,000 386,838 397,010
Total equity 2,316,299 2,165,606 2,480,882
Statements of changes in equity
For the six months ended 31 May 2025
Share premium Share based payment Warrant
Share capital account reserve reserve
Consolidated £ £ £ £
Audited balance at 30 November 2023 3,330,055 5,520,243 546,614 159,593
Transactions with shareholders
Share based payment - - 13,670 -
Total transactions with shareholders - - 13,670 -
Comprehensive income
Loss for the period - - - -
Total comprehensive income - - - -
Unaudited balance at 31 May 2024 3,330,055 5,520,243 560,284 159,593
Transactions with shareholders
Share based payment - - 19,498 -
Share based payment - lapsed options - - (56,000) -
Total transactions with shareholders - - (36,502) -
Comprehensive income
Loss for the period - - - -
Total comprehensive income - - - -
Audited balance at 30 November 2024 3,330,055 5,520,243 523,782
159,593
Transactions with shareholders
Share based payment - - 19,498 -
Total transactions with shareholders - - 19,498 -
Comprehensive income
Loss for the period - - - -
Total comprehensive income - - - -
Unaudited balance at 31 May 2025 3,330,055 5,520,243 543,280 159,593
…..continued Merger reserve Retained earnings Non- controlling interests Total equity
Consolidated £ £ £ £
Audited balance at 30 November 2023 (3,478,435) (3,980,645) 369,854 2,467,279
Transactions with shareholders
Share based payment - - - 13,670
Total transactions with shareholders - - - 13,670
Comprehensive income
Loss for the period - (332,327) 16,984 (315,343)
Total comprehensive income - (332,327) 16,984 (315,343)
Unaudited balance at 31 May 2024 (3,478,435) (4,312,972) 386,838 2,165,606
Transactions with shareholders
Share based payment - - - 19,498
Share based payment - lapsed options - 56,000 - -
Total transactions with shareholders - 56,000 - 19,498
Comprehensive income
Loss for the period - 285,606 10,172 295,778
Total comprehensive income - 285,606 10,172 295,778
Audited balance at 30 November 2024 (3,478,435) (3,971,366) 397,010 2,480,882
Transactions with shareholders
Share based payment - - - 19,498
Total transactions with shareholders - - - 19,498
Comprehensive income
Loss for the period - (189,071) 4,990 (184,081)
Total comprehensive income - (189,071) 4,990 (184,081)
Unaudited balance at 31 May 2025 (3,478,435) (4,160,437) 402,000 2,316,299
Consolidated cash flow statement
For the six months ended 31 May 2025
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 May 2025 31 May 2024 30 November 2024
£ £ £
Cash flows from operating activities (184,081) (315,343) (19,565)
Loss after tax
Adjustments for:
Depreciation of tangible assets 95,780 80,189 150,441
Depreciation of right-of-use assets 43,564 52,730 124,237
Amortisation and impairment of intangible assets 98,670 81,991 307,901
(Profit)/Loss on disposal of tangible and right-of-use assets 543 (2,771) 429
Foreign exchange (gain) / loss (1,688) 2,766 2,015
Unwind of discount on consideration 105,419 13,945 100,420
Interest payable - loan and leases 63,116 47,593 128,715
Taxation and RDEC credit 21,067 (54,223) (55,129)
Share based payment 19,498 13,670 33,168
Changes in working capital:
Decrease in inventory 59,157 192,297 588,677
Decrease / (increase) in trade and other receivables 741,124 (812,781) (461,352)
(Decrease) / increase in trade and other payables (343,839) 580,485 566,821
Cash inflow/(outflow) from operations 718,330 (119,452) 1,466,778
Tax received - 6,932 67,484
Net cash inflow/(outflow) from operating activities 718,330 (112,520) 1,534,262
…..continued Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 May 2025 31 May 2024 30 November 2024
£ £ £
Cash flows from investing activities
Purchase of property, plant and equipment (9,392) (4,467) (29,253)
Proceeds from disposal of property, plant and equipment 1,536 3,465 8,690
Deferred consideration paid (411,718) (75,000) (260,512)
Purchase of intangible fixed assets (90,664) (137,924) (280,845)
Purchase of right-of-use assets - (7,862) (15,741)
Net cash outflow from investing activities (510,238) (221,788) (577,661)
Cash flows from financing activities
Proceeds from new loans - 850,000 850,000
Repayment of loans (193,333) (108,333) (301,666)
Lease payments (92,349) (66,303) (154,636)
Net repayment of working capital facilities (17,281) (238,339) (1,020,032)
Interest paid on loans (45,524) (34,184) (96,844)
Net cash inflow/(outflow) from financing activities (348,487) 402,841 (723,178)
Increase/(decrease) in cash and cash equivalents (140,395) 68,533 233,423
Cash and cash equivalents at the start of the period 1,214,780 981,357 981,357
Cash and cash equivalents at the end of the period 1,074,385 1,049,890 1,214,780
Notes to the financial statements
1. General Information
Light Science Technologies Holdings plc was incorporated in England on 13
January 2020 as a private company limited by shares. On 8 July 2021, the
Company re-registered as a public limited company. The Company's equity is
admitted to trading on AIM. The address of its registered office is The
Mills, Canal Street, Derby DE1 2RJ.
The principal activity of the Group is the development and manufacturing of
electronic boards; the development and manufacturing of lighting and
technology products for the Agtech ("AGT") sector; and the installation of
retrospective cavity barriers in wall and floor constructions.
This condensed consolidated half-yearly financial information ("interim
results") was approved by the directors for issue on 12 August 2025.
The financial information in these interim results is that of the holding
company and all of its subsidiaries. It has been prepared in accordance with
UK-adopted international accounting standards. The accounting policies applied
by the Group in the preparation of these consolidated financial statements are
consistent with those applied by the Group in its latest audited financial
statements for the year ended 30 November 2024, a copy of which can be found
here: https://lightsciencetechnologiesholdings.com/investors/
(https://lightsciencetechnologiesholdings.com/investors/) . These policies
have been applied consistently to all periods presented.
The financial information presented herein does not constitute full statutory
accounts under section 434 of the Companies Act 2006 and was not subject to a
formal review by the auditors. The financial information in respect of the
year ended 30 November 2024 has been extracted from the statutory accounts
which have been delivered to the Registrar of Companies. The Group's
independent Auditor's report on those accounts was unqualified and did not
contain a statement under section 498(2) or 498(3) of the Companies Act 2006.
The financial information for the six months ended 31 May 2025 and 31 May 2024
is unaudited.
As further detailed in the Company's Annual Report for the year ended 30
November 2024, the Directors believe the principal risks and uncertainties
facing the Group over the final 6 months of the year are: the customer
concentration within the CEM division and / or the early stage of operations
within the AGT and PFP divisions, specifically the adverse impact on PFP
revenue should there be further delays in the Building Safety Regulator
signing off projects, as highlighted in the Chief Executive's report above;
additionally, the ongoing and potential for new geopolitical uncertainties
could impact upon the regional and global economies the businesses operate in,
and so remain a risk. Whilst these factors also present the Group with
opportunities in the medium to longer term (with the trend to grow more
locally, sustainably and energy efficiently), in the shorter term, the
Directors see these risks could have the potential to impact Group revenue and
cash generation. In consideration of these risks and uncertainties, the
Company continues to implement and carefully monitor various actions to manage
cash flows and discretionary spending.
There are no subsequent events requiring recognition and disclosure in the
financial statements.
The Directors do not recommend the payment of an interim dividend for the six
months ended 31 May 2025 (2024: nil). No dividend was paid in respect of 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 within the Group, and there would be a possible need to raise
additional funding and / or 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 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 were unable to continue as a going concern.
3. Revenue and segmental reporting
The Group has three operating segments 'Contract electronics manufacture'
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; and '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. This is consistent with the
presentation in the last financial statements. 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 Period has been derived from its
principal activity wholly undertaken in the United Kingdom and the European
Union.
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,
delivery 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.
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
31 May 2025 31 May 2024 30 November 2024
£ £ £
Revenue by products and services:
Supply of hardware (CEM) 3,556,704 4,536,305 9,513,624
Supply of hardware (AGT) 169,099 124,208 199,139
Supply of project services (AGT) 255,102 178,742 437,784
Supply of maintenance services (AGT) 108,681 81,814 141,248
Distributor commission (AGT) 16,192 - -
Supply of installation services (PFP) 953,467 300,481 1,778,281
Intercompany eliminations (1,765) (21,748) (32,934)
5,057,480 5,199,802 12,037,142
During the six months to 31 May 2025, one customer represented 32.7% of total
revenue (HY24: 55.8%; FY2024: 49.2%).
Contract Passive Corporate and
electronics fire intercompany
manufacture Agtech protection eliminations
Unaudited
31 May 2025 £ £ £ £ Total
Revenue 3,556,704 549,074 953,467 (1,765) 5,057,480
Gross profit 989,610 230,807 612,697 2,333 1,835,447
Depreciation and amortisation (97,294) (77,989) (49,387) (13,344) (238,014)
Operating profit/(loss) 141,886 (159,307) 421,560 (363,155) 40,984
Segment assets 3,646,251 2,161,327 1,336,711 162,240 7,306,529
Segment liabilities (3,061,908) (729,562) (1,061,337) (137,423) (4,990,230)
Contract Passive Corporate and
electronics fire intercompany
manufacture Agtech protection eliminations
Audited
30 November 2024 £ £ £ £ Total
Revenue 9,513,624 778,171 1,778,281 (32,934) 12,037,142
Gross profit 2,313,801 388,356 947,341 (5,644) 3,643,854
Depreciation and amortisation (192,802) (281,465) (93,817) (14,495) (582,579)
Operating profit/(loss) 638,571 (521,401) 632,841 (400,883) 349,128
Segment assets 4,128,273 2,321,235 1,742,981 126,652 8,319,141
Segment liabilities (3,540,781) (740,761) (1,193,867) (362,850) (5,838,259)
Contract Passive Corporate and
electronics fire intercompany
manufacture Agtech protection eliminations
Unaudited
31 May 2024 £ £ £ £ Total
Revenue 4,536,305 384,764 300,481 (21,748) 5,199,802
Gross profit 1,074,784 186,243 123,923 (3,502) 1,381,448
Depreciation and amortisation (94,158) (73,852) (46,264) (636) (214,910)
Operating profit/(loss) 294,014 (126,170) (1,740) (352,732) (186,628)
Segment assets 5,518,638 2,127,095 1,337,493 75,093 9,058,319
Segment liabilities (4,551,459) (608,586) (1,257,633) (475,035) (6,892,713)
4. Taxation
The tax credit is made up as follows:
Unaudited Unaudited Audited
Six months ended Six months ended Year
31 May 2025 31 May 2024 ended
30 November 2024
£ £ £
Current tax expense / (credit)
UK corporation tax for the period - - (11,406)
Adjustment in respect of prior periods 21,067 - 562
Total current income tax 21,067 - (10,844)
Deferred tax expense / (credit)
Origination and reversal of timing difference - (18,430) -
Adjustment in respect of prior year - - -
21,067 (18,430) -
21,067 (18,430) (10,844)
The tax charge in the six month periods have been calculated based on the
estimated tax rate that is expected to apply to the full year.
5. Borrowings
Unaudited Unaudited Audited
as at 31 May 2025 as at 31 May 2024 as at 30 November 2024
£ £ £
Current
Interest bearing loans 242,223 386,667 350,556
Invoice discounting facility 525,732 1,324,706 543,013
767,955 1,711,373 893,569
Repayable between one
and five years
Interest-bearing loans 510,000 752,222 595,000
510,000 752,222 595,000
In October 2020, the Group entered into a term loan with a principal of
£975,000 payable in 54 equal instalments of £18,056 and interest payable at
5.5% plus base rate with the first six months payment free. The loan was
provided by Close Brothers under the Government backed Coronavirus Business
Interruption Loan Scheme (CBILS). The loan with Close Brothers is secured by
fixed and floating charges over the Group, including all property and
intellectual property. This is linked to the Group's invoice discounting
facility noted below. The balance for the CBILS term loan at 31 May 2025 was
£72,223 (HY24: £288,889; FY2024: £180,556).
The Group has in place ongoing invoice discounting facility arrangements
provided by Close Brothers. Interest is payable on the invoice discounting
facility at 2% plus base rate. The invoice discounting facility with Close
Brothers is secured by fixed and floating charges over the Group, including
all property and intellectual property, as well as the trade receivables of
the subsidiary, UK Circuits and Electronics Solutions Limited. At the
Period-end, there was a further £718,237 in additional available undrawn
funds under this debt facility.
In May 2024, the Group entered into a further term loan with a principal of
£850,000 payable in 60 equal instalments of £14,167 and interest payable at
5.99% plus base rate. The loan was provided by Close Brothers under the
Government backed Recovery Loan Scheme (RLS). Security by fixed and floating
charges were extended to include the new subsidiaries. The balance for the RLS
term loan at 31 May 2025 was £680,000 (HY24: £850,000; FY2024: £765,000).
6. Issued equity capital
Total no. of
Nominal Ordinary Total
Company value shares £
At 1 December 2023 £0.01 333,005,500 3,330,055
At 31 May 2024 (Unaudited), 30 November 2024 (Audited) and 31 May 2025 £0.01 333,005,500 3,330,055
(Unaudited)
7. Loss per share
Basic loss per share is calculated on the loss after taxation for the Period
attributable to the owners of the parent company of £189,071 and on
324,105,500 ordinary shares, being the weighted number in issue during the
Period excluding shares held by the Employee Benefit Trust (EBT). Unexercised
options over the ordinary shares are not included in the calculation of
diluted loss per share as they are anti-dilutive.
Basic and Diluted EPS Unaudited Unaudited Un -audited Per share amount (pence) Unaudited Unaudited Un -audited Per share amount (pence)
Six months ended as at 31 May 2025 Weighted average number of shares Six months ended as at 31 May 2024 Weighted average number of shares
31 May 2025 Earnings 31 May 2024 Earnings
£ £
Weighted average number of ordinary shares 333,005,500 333,005,500
Adjusted for the effect of own shares held by EBT (8,900,000) (8,900,000)
Earnings attributable to ordinary shareholders of the Company (189,071) 324,105,500 (0.06) (332,327) 324,105,500 (0.10)
Basic and Diluted EPS Audited Audited Audited
Year ended as at 30 November 2024 Per share amount (pence)
30 November 2024 Earnings Weighted average
£ number of
shares
Weighted average number of ordinary shares 333,005,500
Adjusted for the effect of own shares held by EBT (8,900,000)
Earnings attributable to ordinary shareholders of the Company (46,721) 324,105,500 (0.01)
Diluted Earnings Per Share
Basic and diluted loss per share are equal, 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.
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