Light Science Technologies had plenty to celebrate this week.
The innovative AIM-listed company, which is focused on delivering lighting, science and plant monitoring solutions for use in vertical farming and greenhouses, reported record revenues of £9.3million for the 2023 financial year, marking a 13.8 per cent year-on-year increase.
LSTH put it down to numerous operational highlights throughout the year, chiefly an expanded product line in the controlled environment agriculture (CEA) and passive fire protection (PFP) segments after acquiring Tomtech and Injecta Fire Barrier.
‘We are very pleased to report significant operational progress in the period, with strong progress across all parts of the business delivering record group revenues which exceeded internal management expectations,’ said chief executive Simon Deacon.
Light Science Technologies is focused on delivering lighting, science and plant monitoring solutions for use in vertical farming and greenhouses
The group doubled down on the good news, announcing an exclusive distribution agreement with AgriLogiq Technical Systems aimed at marketing and selling LSTH’s nurturGROW lights in South Africa.
The partnership aims to enhance the South African agricultural sector by leveraging controlled environment agriculture technology, addressing challenges like extreme weather and pests.
The market responded to these developments by pushing shares 20 per cent higher.
Another fact worth noting: LSTH is now chaired by Graham Cooley, the driving force behind hydrogen fuel cells unicorn ITM Power. Cooley, via share purchases, has built an 8.3 per cent stake in LSTH.
The AIM All-Share enjoyed a good week, rising 2.2 per cent as some of the optimism driving the blue chips trickled down to the junior market.
Right after the Bank of England’s particularly dovish hold on interest rates on Thursday, more good news came on Friday in the form of a better-than-expected GDP print that officially put the UK’s recession fears to bed.
It all made for a fertile trading environment and an outstanding week for the blue chips, with the FTSE 100 smashing all-time records.
Totally tallied 40 per cent gains after the healthcare services provider published an annual trading update on Tuesday. The company said it was cash flow positive in the second half and full-year underlying earnings should come to £2.3million.
Angle was not done with its recent rally on the back of signing a supplier agreement with AstraZeneca in the middle of last week. Shares in the liquid biopsy developer added another 32% this week after shooting up 20% last Friday.
Polarean Imaging added to the gains among AIM’s biotech set after announcing a new order for its Xenon MRI System, this time from the University of Alabama at Birmingham (UAB) Hospital.
‘Expanding our user base is one of the five key growth pillars we identified last year, and so I am delighted to have received our second de novo system order from UAB Hospital, a prestigious top-tier US academic facility,’ Polearean’s chief executive Christopher von Jako said of the order. Shares popped 30 per cent.
KEFI Gold and Copper was a top mover in the mining sector due to a spate of positive news developments and surging copper prices.
The Arabian-Nubian Shield-focused miner on Tuesday said the financing agreements for its Tulu Kapi gold mine development in Ethiopia are on track for final (conditional) approvals this month.
KEFI then announced that in-fill drilling at the Hawiah copper-gold project in Saudi Arabia had returned promising results. Shares rallied 27 per cent as a result.
Higher copper prices also benefited emerging copper producer Asiamet Resources, which rallied 20 per cent following the publication of its annual results.
As for the fallers, Genedrive was one of the worst performers on the junior market this week.
The Manchester-based pharmacogenetic testing company fell over 50 per cent after completing a highly discounted and dilutive funding round.
Mothercare, the babycare retailer, plummeted by a third after confirming that refinancing negotiations had commenced on Friday.
In a full-year trading statement, Mothercare said sales were down 13 per cent as it is ‘still clearing inventory due to suppressed demand during Covid-19’ which hit its core Middle East market the hardest.
EQTEC announced a £250,00 drawdown on its new syndicated debt facility after taking £950,000 in November.
The clean-technology company used the drawdown for an injection of working capital while it awaits proceeds from a settlement with Logik Developments. Shares fell off 25 per cent.
