4 Jan 2019 07:00
4 January 2019
LightwaveRF plc
(AIM: LWRF)
Trading Update
LightwaveRF plc ("LightwaveRF", "Lightwave" or the "Company"), the leading smart home solutions provider, announces the following trading update for the three months ended 31 December 2018, being the first quarter of its financial year ending 30 September 2019 ("Q1 2019").
· Revenue increased by 156% to £1.15 million (Q1 2018: £0.45 million) of which:
o Telesales revenue increased by 46% to £229,000 (Q1 2018: £156,600); and
o E-commerce revenue increased by 506% to £291,000 (Q1 2018: £48,000)
· Record E-commerce Black Friday week performance, which ran from 19 to 26 November 2018, with sales of £130,000 (2017: £5,000)
Following the improvements made last year to its sales and marketing strategies, the Company increased its revenue run rate by 50% in the final quarter of the financial year ended 30 September 2018, compared to the average over the previous three quarters. This momentum continued into Q1 2019, with revenue increasing by 156% to £1.15 million compared to the corresponding quarter last financial year, which reflects the strength and breadth of the Company's product offerings and growing brand loyalty.
Jason Elliott, Chief Executive of Lightwave, commented:
"Having delivered a number of process improvements over the past six months to drive revenue growth, the Company is encouraged by what it has achieved in Q1 2019, almost equalling the £1.17 million generated during H1 2018.
"Lightwave's retailer and distributor relationships and requisite marketing initiatives are now substantially expanded. I am confident that we can maintain this momentum by focusing on the channels and products, such as our lighting range, that are performing well."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information:
LightwaveRF plc Jason Elliott, CEO Kevin Edwards, CFO | www.lightwaveRF.com +44 (0) 121 250 3625 |
Stockdale Securities Limited Tom Griffiths/Edward Thomas | www.stockdalesecurities.com +44 (0) 20 7601 6100 |
Yellow Jersey PR Charles Goodwin Annabel Atkins | www.yellowjerseypr.com +44 (0) 7747 788 221 |
About LightwaveRF
LightwaveRF plc ("Lightwave") is the UK's only fully integrated home automation company.
New customers typically buy a starter pack of Link Plus hub and smart dimmer which has Apple HomeKit compatibility, 2-way communication and built-in energy monitoring. Later adding other easy to install devices from the Lightwave range enables further in-home control, monitoring and automation of lighting, heating and power.
Devices may be operated manually, by smartphone or tablet-based apps and also through Google Assistant and Amazon Alexa voice control.
Leading tech industry publication 9to5 Mac describes Lightwave as "the best UK HomeKit solution for smart lighting".
For further information and "Newsletter sign up", please visit:
www.lightwaverf.com/corporate/