LightwaveRF Secures Initial Order From European Distribution Partner

(Alliance News) - LightwaveRF PLC said Thursday it received a EUR568,000 smart home solutions order from its new European distributor which is due to be delivered over the course of the next few months.

The order comes from the partnership agreement signed with Tech Data in June. This initial order - which will be delivered over the current quarter - will be primarily to supply retailers in Germany and the Netherlands.

For the year ended September 2018, Lightwave generated a GBP2.5 million pretax loss on revenue of GBP2.8 million.

"We continue to work closely with all our distributors but it is incredibly encouraging to see one of our newer partnerships, which is directed to developing our European markets, making such strong early progress with this sizeable first order," Lightwave Chief Executive Officer Jason Elliott said.

Shares in LightwaveRF were 5.3% lower at 7.10 pence in London on Thursday.