LightwaveRF reported wider first-half losses as a ramp up in investments increased costs and offset a surge in revenues .
For the six months ended 31 March, loss before taxation widened to £1.35m from £0.87m a year earlier and revenue more than doubled to £2.50m from £1.13m. This represented approximately 90% of revenue generated of £2.81m for the whole of the 2018 financial year.
Losses increased as a result of 'higher administrative expenses, specifically considerable further investment in marketing, sales, customer support and technology development,' the company said.
Looking ahead, the company said it anticipated further momentum in revenue growth in the second half of this year. With recent significant investments made, 'we believe that we have the right strategy in place to deliver for shareholders,' it added.
'Doubling overall and direct to consumer revenue is a considerable achievement. This reflects improved marketing, sales, customer support and distribution channels, the company said.
'Further product releases, strengthening relations with Apple, E.ON and Resideo as well as broadening our distribution arrangements with Rexel and others should all underpin more progress still for the Company,'
At 8:42am: (LON:LWRF) LightwaveRF Plc share price was +0.25p at 7.5p