LightwaveRF Loss Widens On Higher Research And Investment Costs

LONDON (Alliance News) - LightwaveRF PLC on Monday reported a widened loss for the first half of the financial year due to higher costs and investments.

For the six months to the end of March, the smart home solutions provider posted a pretax loss of GBP1.4 million, compared with GBP870,000 a year ago. This was due to further investment in sales, marketing and customer support, the company explained.

Furthermore, increased research & development costs of GBP1.0 million, versus GBP620,000, impacted the company's profitability.

Revenue however, more than doubled to GBP2.5 million from GBP1.1 million a year prior.

"Doubling overall and direct to consumer revenue is a considerable achievement," Chair Barry Gamble said.

He added: "This reflects improved marketing, sales, customer support and distribution channels. Lightwave is continuing to innovate with its technology and product reviews are extremely positive."

Looking ahead, LightwaveRF expects to make further progress due to new products releases which will strengthen the company's relationships with Apple Inc, E.ON and Resideo.

LightwaveRF shares were trading up 5.1% at 7.62 pence each.