Light Science Technologies Holdings (AIM:LST) shares slumped, falling 14.5% to 1.39p, after the company reported lower FY revenues.
Gross margin rose to 33.8% from 30.3%, but the group swung to a loss before tax of £0.89m (2024: £0.03m) and finished the period with cash of £0.7m (2024: £1.2m).
By division, PFP generated £1.38m (2024: £1.78m) at a 51.7% gross margin, AGT delivered £0.97m (0.78m) at 43.0%, and CEM produced £6.31m (9.51m) at 28.4%, with CEM customer concentration reduced to 30.4% of Group revenue from 49.2%.
After the period, the group raised £6.6m to acquire RLUK Injection (Injectaclad), the remaining 10% of UK Circuits and the Manchester property, transactions the company says secure Injectaclad IP, give full control of CEM and create capacity to scale PFP and improve margins.
"The post period end acquisitions will be transformational for the Group, significantly enhancing our profile and ability to generate scale and further grow margins as we target mid-term revenues of c.£50m," said Simon Deacon, CEO.
Management said regulatory progress with the Building Safety Regulator and Injectaclad integration underpin expectations of a significantly improved second half of FY2026, and the company will hold its AGM on 22 May.
