Light Science Technologies CEO discusses record 2023 results and strategic growth

Cloud PRWire

Light Science Technologies CEO discusses record 2023 results and strategic growth

–News Direct–

Light Science Technologies Holdings PLC (AIM:LST) reported a record year in 2023 with CEO Simon Deacon highlighting significant achievements in an interview with Proactive's Stephen Gunnion.

The company implemented a strategic plan focused on growth and profitability, exceeding expectations in both areas. Notably, its Controlled Environment Agriculture (CEA) segment and Contract Electronics Manufacturing (CEM) contributed robustly to revenue increases. The company achieved a gross margin of 23.4% and overall revenue growth of 13.8% to 9.3 million.

Deacon also discussed the impact of strategic acquisitions, including Tomtech, which enhanced its offerings in controlled environment agriculture, integrating systems for vertical farms, polytunnels, and glasshouses. Another notable acquisition was Injecta Fire Barrier, a key asset in the passive fire protection market, poised for growth due to regulatory changes spurred by the Fire Safety Act of 2021.

Additionally, the CEO outlined the use of a 1.45 million fundraise to support product development, acquisitions, and extend its cash runway.

Looking forward, Deacon detailed milestones for 2024, including a significant contract in the sports entertainment electronics segment and anticipated revenue growth in passive fire protection. Overall, Deacon remains optimistic about sustaining momentum and achieving further growth.