Lightwaverf expects full year revenues to fall below expectations

Home technology supplier Lightwaverf has predicted its full year revenues will be below expectations, though they will represent a significant increase year-on-year.The group said that failure to meet expectations was attributable to delays in orders, though it stressed the issues had now been resolved and customers were able to purchase the products.In a trading update, the company said it expected revenues for the full year ended 30 September to be in the region of £3m."Although this is about £0.5m below expectations due to some delays in the call off of orders this performance will still be significantly ahead of the previous financial year when revenues were £1.05m," the group said in a statement on Monday.Lightwaverf said that it had continued its expansion and development on the UK and global markets in the second half of the year and it was working on different projects, in the domestic and commercial sectors.The company announced that its partnership with Megaman UK continued to grow in 2014, while the relationship with Neonlite, the company responsible for marketing Megaman technology worldwide, was also strengthened and developed further."The second half of the year has seen some technical challenges which I am pleased to say we have now overcome," said group chairman and chief executive officer Mike Lord."We are continuing to see a great deal of interest in our product range due to its breadth of functionality for the Smart Home. The directors remain confident in the company's prospects for growth both in the UK and abroad."Lightwaverf shares closed down 7.03% to 29.75p on Monday.