Profits this year11 Feb 2015 11:44
A ground-breaking Birmingham-based company is well placed to enjoy continued growth after reporting a significant increase in year-on-year revenues, resulting out of growing success in the emerging Internet of Things market.
LightwaveRF, based on the Innovation Campus at Faraday Wharf, has created the LightwaveRF Smart Home platform – a package of internet-enabled, Smartphone and web-controlled technology enabling homeowners and businesses to remotely monitor and control their heating, lighting and power, reducing energy costs and usage.
The company has today announced revenues of £3 million for the year ending 30 September 2014– almost three times that of the previous financial year and has seen a significant reduction in losses as it heads toward profitability in 2015.
LightwaveRF’s Smart Home platform is currently unique in offering a system that integrates energy, lighting and heating control, with a range of more than 100 products including dimmer switches, power sockets, handheld and wall-mounted remote controls, motion detectors and door sensors, as well as thermostats and radiator valves that allow room-by-room heating control.
Smart Home technology is part of what is known as the Internet of Things, a new standard allowing appliances and products to connect to a wireless internet signal and send data to and receive commands from mobile devices via what is now commonly known as “The Cloud”. According to Berg Insights, the Smart Home market will be worth £9.5bn in 2015 and is growing annually at a rate of 33 per cent through to 2020. LightwaveRF recently exhibited at the Consumer Electronics Show 2015 in Las Vegas, where Smart Home technology was one of the major themes of the show.
Chairman Michael Lord said: “The LightwaveRF range of power and light control, launched back in March 2011, was one of the first mainstream internet connected Smart Home solutions in the world. Since then we have invested heavily to improve and augment our range, most notably with our new heating range which allows monitoring and control down to individual room level, and also to create our Cloud database which currently serves almost 30,000 connected homes in the UK and Europe.”
LightwaveRF has also announced it has signed a global distribution contract with Neonlite Electric and Lighting (HK) to distribute the LightwaveRF range of wireless lighting controls to Neonlite’s distribution network across 84 countries under their established INGENIUM® brand.