Light Science Technologies Holdings PLC (AIM:LST) has a sales pipeline of over £60mln of quoted work, including forward orders and contracts worth £18mln, but said government delays and the effects of inflation hit sales.
The maker of technology for vertical farming and other controlled environment agriculture (CEA) such as polytunnels and glasshouses, said delays in government grants and growers putting off capital expenditure meant revenues for the current year are expected to be 35% below expectations.
The group predicted a loss before tax of £2mln, compared to a £2.35mln loss in the past year.
With the sales pipeline continuing to grow, amid a pressing need for food security, sustainability and energy efficiency in food production, the AIM-listed company’s board expects the conversion of the pipeline to fall into the next financial year.
“Notwithstanding the delay in revenue, the board is confident the overall prospects for the company remain strong,” LSTH said.
LSTH floated on London's junior market in October last year.
As well as making grow lights and sensor technology for the CEA market, the Derbyshire-based company also has a contract electronics manufacturing business, UK Circuits, which designs, procures, and manufactures high-quality products.
It specialises in printed circuit boards, which are used in a range of sectors including audio, automotive, electronics, gas detection, lighting, pest control, telecommunications and, more recently, the CEA market.