LightwaveRF Warns "Constrained" Sales Will Hold Back Full-Year Results

LONDON (Alliance News) - LightwaveRF PLC's shares plummeted Wednesday morning after it revealed that "constrained" revenue is holding back the company's financial performance for the full financial year, and is now expected to be similar to that of last year.

Shares in LightwaveRF were trading down 24.3% at 28.01 pence at the open on Wednesday, one of the worst performers in the AIM All-Share.

The company said that while it continues to make progress with customer relationships and its sales proposition, the developments and modifications it has having to make to enhance product capability is holding back revenue in the short term. As a result, it now expects short-term revenue to be "constrained relative to current market expectations" and anticipates revenue and losses for the year to September 30 to be "broadly similar" to last year.

LightwaveRF makes devices for the so-called Internet of Things, which allow householders to control devices such as lighting, power and heating remotely.

"Although these short-term revenue constraints are holding back our financial progress this year the opportunities for the business are more numerous than ever our confidence for the future progress of the business remains strong," Chief Executive Mike Lord said in a statement.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

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