Light Science Technologies Holdings plc (LSTH) reported its final results for the year ended 30 November 2025, highlighting a strategic shift towards higher-margin opportunities and growth across its divisions: Passive Fire Protection (PFP), AgTech (AGT), and Contract Electronics Manufacturing (CEM). Despite a 28.3% revenue decline to £8.6m (2024: £12.0m), the company improved its gross margin to 33.8% (2024: 30.3%) due to a focus on higher-value projects. The loss before tax widened to £0.89m (2024: £0.03m), attributed to timing effects in PFP contracts and reduced CEM activity in pest control.
Operationally, the PFP division is poised for growth with a £20m sales pipeline, supported by regulatory progress and the acquisition of RLUK Injection Ltd, which enhances scalability and control over the Injectaclad system. The AGT division expanded its product suite, secured new contracts, and strengthened its IP position. The CEM division diversified its customer base and entered higher-margin markets like defense and healthcare.
Post-period, LSTH raised £6.6m to fund strategic acquisitions, including RLUK Injection and UK Circuits, which bolster its PFP and CEM divisions. These moves aim to increase market share, improve margins, and target mid-term revenues of £50m. Management anticipates a strong H2 FY2026, particularly in PFP, as regulatory bottlenecks ease and growth initiatives take effect.
| Financial Metric | 2025 (£'000) | 2024 (£'000) | Change (£'000) | Change (%) |
|---|---|---|---|---|
| Revenue | 8,632 | 12,037 | (3,405) | (28.3%) |
| Gross Profit | 2,914 | 3,644 | (730) | (20.0%) |
| Loss Before Tax | (894) | (31) | (863) | N/A |
| Group Cash | 723 | 1,215 | (492) | (40.5%) |
| Net Debt | 950 | 710 | 240 | 33.8% |