RNS22 May 2014 08:14
LightwaveRF Plc
(AIM: LWRF)
Interim Results for the six months ended 31 March 2014.
LightwaveRF plc ("LightwaveRF Plc" "the Company") British specialists in Radio Frequency technologies which has created the Lightwave RF connected home platform enabling households and business to remotely operate and control household applications including lighting, heating and security using smartphones, tablets, PC and MAC applications, is pleased to announce its results for the six months to 31 March 2014.
HIGHLIGHTS
• Like for like revenue up by 250%
• New UK distribution arrangements implemented in UK
• $3.2M (circa £1.9M) forward order book at half year
• Administrative expenses reduced by 7%
• Losses substantially reduced by 70%
Commenting, Mike Lord, Chairman and CEO said:
"The first half of the year has seen a significant refocusing of the business with the implementation of our new UK distribution strategy complete. We are now very much focused on the further development of our technology in line with our strategy change announced last year with a related increase in our expenditure commitment in new product development. This is already being reflected by the much improved Apps launched this year and the successful implementation of our heating platform for Warwick University."
Nice update . 250% revenue increase.