LightwaveRF sees losses doubling as revenue falls, expenses rise

Writer, Stock Market Wire
Friday, October 26, 2018 - 15:00

Smart homes solutions provider LightwaveRF said it expected its annual losses to double in size as revenue fell and expenses rose.

Revenue for the year through September would be a little below the previous year's £3.03m, though underlying margins had been maintained, the company said.

Last year, the company booked a loss of £0.84m

'Full year revenue has been held back by the weak first half sales performance, which was not fully addressed until the last quarter of the financial year, LightwaveRF said.

The company said it also expected a substantial increase in administrative expenses, mostly due to higher sales and marketing costs and marked increase in R&D spending.

R&D spending was principally related to the Lightwave range being developed for the European market and being launched through Apple.

'Although, after a provision for some aged stock, losses for the full year are expected to be somewhat more than double those reported last year, the company believes that the investment made to date has put Lightwave in a strong position for the future,' it said.

At 3:00pm: (LON:LWRF) LightwaveRF Plc share price was -1.25p at 9p

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