LightwaveRF Annual Loss Widens On Higher Costs And Lower Revenue

LONDON (Alliance News) - LightwaveRF PLC said Tuesday that its annual loss widened on the prior year as revenue dipped while costs jumped.

For the year ended September 30, the smart home solutions provider reported pretax loss of GBP2.5 million compared to GBP845,312 a year ago.

Revenue dipped to GBP2.8 million from GBP3.0 million, due to a weak first-half performance, the firm explained.

Meanwhile, administrative costs surged to GBP3.7 million from GBP2.1 million a year prior and the firm doubled its investment in research & development to GBP1.6 million from GBP880,000.

Looking ahead, the company is encouraged by the strengthening of its relationships with Apple, Amazon and Google and by the growth of the smart home devices market.

"I am confident we have the team in place to deliver and realise the potential so now apparent in this market place," Chairman Barry Gamble said.

LightwaveRF shares were untraded at 6.51 pence each on Tuesday.