LightwaveRF Confident On Sales Growth With First Half Revenue Up

LONDON (Alliance News) - LightwaveRF PLC Thursday said it expects to report a 37% rise in revenue for its first half, although it noted its sales growth had been slower than it had hoped, but is confident of further sales growth in its second half.

The internet-of-things products provider said in a statement ahead of its annual general meeting its forward order book as at Wednesday stood at GBP911,000, up from GBP323,000 at the start of the year, which underpins its confidence for its second half.

LightwaveRF reported revenue of GBP1.5 million in the half year to end-March 2015.

"The market awareness of the LightwaveRF offering continues to increase, with almost 250,000 lighting, power and heating devices already connected to the LightwaveRF platform, which we believe is more than anyone else in this market," said Chairman Barry Gamble in the statement.

LightwaveRF plans to release its interim results for the half year to end-March 201 before the end of May, it said.

Shares in LightwaveRF were up 1.4% at 13.94 pence Thursday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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