Smart home solutions provider LightwaveRF said annual losses widened from a year earlier as revenue declined and costs swelled amid a ramp up in spending.
For the year ended 30 September, losses before tax widened to £2.54m from £0.85m a year ago, and revenue declined to £2.81m from £3.03m, which the company blamed on a weak first-half performance.
The revenue run rate for the first two months of the 2019 financial year was up a further 25% on a strong last quarter of the 2018 financial year, the company said.
'I have been greatly encouraged by the sales performance since I joined Lightwave in July 2018, with the monthly revenue run rate up significantly on where it was previously. This jump in sales has gone hand-in-hand with the improvements made to our marketing, customer engagement and distribution channels, said Jason Elliot, Chief Executive of LightwaveRF.
'With the business strengthened and our retail partner network expanded, I am excited by the very real opportunity for Lightwave to achieve significant UK and international scale, and the prospect of becoming a leading smart home brand in 2019.'
At 8:49am: (LON:LWRF) LightwaveRF Plc share price was -0.25p at 6.5p