Light Science Technologies halves FY pre-tax losses

Technology solutions provider Light Science Technologies roughly halved pre-tax losses in the year ended 30 November as revenues rose and overheads were reduced and margins expanded.

Light Science said revenues increased by approximately 13% to roughly £9.25m, driven by growth across each of its three trading divisions, while overhead cost reductions resulted in an approximately 20% cost savings, while gross margins grew by approximately 27% to 22.5%.

As a result, the AIM-listed group expects to report an unaudited loss before tax of around £1.3m, a marked improvement from the prior year's £2.72m loss.

Looking forward, Light Science said the core focus for the group remains on growing revenues and margins, controlling overhead costs, and ultimately becoming operationally cash-self-funded.

As of 1050 GMT, Light Science shares were up 6.30% at 2.44p.

Reporting by Iain Gilbert at Sharecast.com