LightwaveRF Outlook Positive As Interim Revenue More Than Doubles

LONDON (Alliance News) - LightwaveRF PLC on Monday said it saw a strong revenue growth in the second quarter of current financial year, helped by improved demand for products.

The smart home solutions provider said revenue in the three months to the end of March doubled to GBP1.4 million compared to GBP680,000 reported for the same period a year before.

LightwaveRF explained that strong revenue growth was a result of continued success in direct sales, e-commerce and telesales, and the further development of wholesale and retail distribution channels.

Revenue in the first half was GBP2.5 million, more than doubled compared to GBP1.1 million generated a year earlier. In its financial 2018, the company delivered revenue of GBP2.8 million.

"I am delighted that Lightwave has maintained the momentum of significantly improved revenue in the quarter," said Chief Executive Jason Elliott.

"Demand in the underlying market for Lightwave's products is strong," Elliott continued. "The outlook for Lightwave is extremely positive, and we expect full year revenue to be more than double that of last year."

LightwaveRF shares were trading 13% higher on Monday morning at 8.50 pence each.