LightwaveRF slowed by 'one-off issues' in Q4

(Sharecast News) - Smart home solutions firm LightwaveRF said on Wednesday that its final quarter performance had been held back by a number of undisclosed one-off issues.
However, during the first two months of its current trading year, LightwaveRF said sales had returned to the levels seen in the first three quarters of the prior year, with "substantial progress" being made in annual revenue growth.

Like-for-like sales were up 12% to £815,000 in the nine weeks ended 30 November, while telesales were up 57% to £118,000 and e-commerce sales increased 3% to £134,000.

Overall direct sales saw a record performance over the Black Friday and Cyber Monday period, with sales up 23% year-on-year at £252,000.

Chief executive Jason Elliott said: "As previously announced, the final quarter of FY 2019 was extremely challenging for the company.

"Our focus for FY 2020 is to build revenues within the professional channels, electrical installers, contractors and selected wholesalers. This initiative is now starting to work as demonstrated by increased sales already in our Telesales function, and even more positive customer installation experiences and reviews."

At 0930 GMT, the shares were down 11% at 3.62p.