LightwaveRF Says "More To Do" As It Swings To First Half Loss

LONDON (Alliance News) - LightwaveRF PLC Thursday said whilst it recognises this is "more to do", its increased number of sales and distribution outlets positions it well for the months ahead, as it reported a swing to a pretax loss for its first half.

LightwaveRF provides an internet-of-things platform and connected devices.

For the half year to end-March the company reported a pretax loss of GBP481,264, swung from a pretax profit of GBP44,754 the year before, on revenue of GBP804,455, down from GBP1.5 million the year before.

LightwaveRF said the fall in revenue belies the progress it believes it is making, and whilst growth in its first half was slower than it had hoped, revenues were up by 38% compared to the second half of the previous year so its monthly run rate has progressed well.

The company's current order book stands at around GBP750,000, it said.

"Achieving the further reach and diversity of our distribution base has taken time. While we recognise there is more to do the increased number of distribution and sales outlets coupled with some technology refinements positions us well to make further solid progress in the coming months," said Chairman Barry Gamble in a statement.

Shares in LightwaveRF were down 11% at 13.00 pence Thursday morning.

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

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