LWRF.L Regulatory News (LWRF)

29 September 2014

LightwaveRF Plc

(AIM: LWRF)

Trading Update

LightwaveRF plc (the "Company"), creators of the LightwaveRF Smart Home platform enabling households and businesses to remotely monitor and control lighting, heating, power and security using app or web, today provides the following trading update ahead of the Company's year-end on 30 September 2014.

The Company now anticipates full year revenues in the region of £3.0 million. Although this is about £0.5 million below expectations due to some delays in the call off of orders this performance will still be significantly ahead of the previous financial year when revenues were £1.05 million.

The second half of the year has seen some challenges with the development and launch of our LED compatible smart dimmer and heating products which include thermostatic radiator valves ("TRVs") to control heating in individual rooms. These issues are now resolved and the products now available to consumers in the marketplace.

The second half has also seen continued development of our domestic and global markets. Our UK partnership with Megaman UK continues to build our market presence. Our full product range, including the new heating products, is available in 180 Maplin stores and through a number of on-line suppliers. In addition, a number of independent wholesalers are now stocking LightwaveRF products. We are also working together on a number of user projects in both the domestic and commercial sectors, the latter building on our successful implementation at Warwick University.

Internationally, our relationship with Neonlite, who market MEGAMAN® lighting technology globally has now developed further and we have orders for sample packs for 34 countries. We are also in discussion with other potential distributors in India and Australia.

Finally, following the successful raising of additional funds in July, we have invested significantly in our research and development programme and are in the process of applying for several patents related to this work.

Commenting, Mike Lord, Chairman and CEO said: 

"The second half of the year has seen some technical challenges which I am pleased to say we have now overcome. We are continuing to see a great deal of interest in our product range due to its breadth of functionality for the Smart Home. The Directors remain confident in the Company's prospects for growth both in the UK and abroad."

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