LightwaveRF revenues up 60%

LightwaveRF expects revenues for the six months ended 31 March to exceed £1.1m, up by about 60% on a year ago, shareholders at the annual general meeting today will be told.

Chairman Barry Gamble will say: "LightwaveRF's UK distribution capability has been significantly improved with more regular orders now being received.

"The company has also strengthened its customer support team to provide advice and guidance on LightwaveRF smart home solutions with more devices being sold directly to consumers.

"As a result of this, the Company expects revenue for the six months ended 31 March 2017 to exceed £1.1 million, up by about 60% compared to the same period last year. In addition, the current order book for delivery in the second half of the year is already £1.6 million.

"After the planned increases in development and marketing spend, the loss for the first half is expected to be about the same as the equivalent period last year. We are also continuing the capital investment in our cloud platform.

"The LightwaveRF Alexa skill for the Amazon Echo product range continues to receive best in class reviews; a testament to our technology and product capability.

"The company recognises that voice control has become an important growth driver for the smart home market, so the launch of voice control by other platforms should provide us with further integration and sales opportunities.

"Our newly appointed CEO, Andrew Pearson, has made good progress so far in re-focusing the Company and is actively developing his strategy.

"The company will provide a further update when it issues its interim results for the six months ended 31 March 2017, which it expects to release on Friday 19 May 2017."

At 9:10am: (LON:LWRF) Lightwaverf Plc Ord 5p share price was +1p at 14.5p