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Currency in GBP
Last close As at 25/03/2023
GBP0.04
▲ −0.50 (−11.76%)
Market capitalisation
GBP7m
Light Science Technologies Holdings offers a range of products and services for improving productivity in controlled environment agriculture (CEA). It also offers an end-to-end, full-service contract electronic manufacturing (CEM) capability (UK Circuits) based in the UK.
High input costs have, however, caused growers to defer capital investment decisions, resulting in longer sales cycles. This adversely affected FY22 trading because some anticipated revenue streams for the CEA division are now more likely to materialise in FY23 rather than FY22. Based on this information, we have introduced estimates for FY22 and FY23.
Director, TMT & Industrials
Andrew Hempsall
COO
Jim Snooks
CFO
Myles Halley
Non-executive chairman
Simon Deacon
CEO
Forecast net debt (£m)
1.6
Forecast gearing ratio (%)
87
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (16.7) | 7.1 | (70.6) |
| Relative | (9.7) | 6.8 | (69.9) |
| 52 week high/low | 14.0p/3.2p |
In December, Light Science Technologies Holdings noted that high input costs have resulted in strong interest in the group’s controlled environment agriculture (CEA) products because they help growers operate more efficiently. This demand has generated a sales pipeline for the group of quoted work worth more than £60m (as of December 2022), including forward orders and contracts of £18m (contingent on meeting certain milestones).
| Y/E Nov | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 6.9 | 0.5 | 0.2 | 0.10 | 37.5 | 13.4 |
| 2021A | 7.4 | (1.1) | (1.6) | (0.81) | N/A | N/A |
| 2022E | 8.2 | (1.7) | (2.3) | (1.21) | N/A | N/A |
| 2023E | 10.9 | (0.4) | (1.0) | (0.47) | N/A | N/A |
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