Light Science Technologies pivoting toward growth markets with new partnership model
–News Direct–
Light Science Technologies Holdings PLC (AIM:LST) (LSTH) CEO Simon Deacon speaks to Thomas Warner from Proactive after the agricultural technology company released a trading update for the six months to 31 December 2023. Deacon reports 22% year-on-year growth in revenues despite industry-wide challenges due to the energy crisis.
The company also successfully elevated its margin from 17% to over 22%, a crucial achievement post-pandemic. He attributes some of the progress made to a strategic focus on reducing overhead costs, which have fallen by around by 20% and enabled a sharper emphasis on core business and global opportunities, particularly in thriving regions like the Americas, the Middle East, and Australia.
Embracing a partnership-driven approach, Light Science Technologies aims to expand its reach through collaborations with experts in glasshouse and vertical farm construction. Deacon says the recent acquisition of TomTech, a well-established player in control systems, irrigation, lighting, and sensors for controlled environment agriculture, holds immense promise. With over 37 years in the market and a vast client base, this acquisition strengthens the company's position and offers synergies for future growth.
He expects the integration with TomTech to enhance installation capabilities and product offerings, enabling both companies to leverage their strengths. Simon Deacon expresses the company's commitment to pursuing strategic acquisitions that support their cash runway without impacting cash flow.
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View source version on newsdirect.com: https://newsdirect.com/news/light-science-technologies-pivoting-toward-growth-markets-with-new-partnership-model-887009720
Light Science Technologies Holdings PLC
COMTEX_440042638/2655/2023-09-12T08:59:20
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