LightwaveRF PLC Trading Update (2920K)
April 09 2018 - 7:45AM
UK Regulatory
TIDMLWRF
RNS Number : 2920K
LightwaveRF PLC
09 April 2018
9 April 2018
LightwaveRF plc
(AIM: LWRF)
Trading Update
LightwaveRF plc ("LightwaveRF" or the "Company"), the leading
smart home solutions provider, announces a trading update for the
six months ended 31 March 2018.
The Company anticipates that first half revenue will be broadly
in line with the prior year (2017: GBP1.2m) and gross margin will
have increased to over 40% (2017: 39.4%).
As announced last month, the Company made a fundamental change
to its distribution strategy, moving away from two exclusive
partners, which management decided was curtailing sales growth, to
pursue a range of non-exclusive relationships. This shift in
strategy has already seen revenues more directly reflect actual
sell through volumes with an increase in regular smaller orders
rather than large distributor stocking orders. Although first half
revenue has been held back by this significant restructuring, the
Company anticipates much stronger revenue growth in the future.
The completion of the last stage of the GBP5.25m fundraising in
December 2017 marked the start of the process to significantly
scale the business. As anticipated, the accelerated investment in
R&D, marketing and sales will have significantly increased
administrative expenses over the same period last year. As a
result, the Company expects losses before tax for the six months
ended 31 March 2018 to be markedly higher than those reported in
the first half last year (2017: loss of GBP0.33m).
The Company will provide a further update when it issues its
interim results for the six months ended 31 March 2018, which it
expects to release in May 2018.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
LightwaveRF plc www.lightwaveRF.com
Andrew Pearson, CEO +44 (0) 121 250
Kevin Edwards, CFO 3625
Stockdale Securities Limited www.stockdalesecurities.com
Tom Griffiths/Edward Thomas +44 (0) 20 7601
6100
Yellow Jersey PR www.yellowjerseypr.com
Charles Goodwin/Abena Affum/Katie +44 (0) 7747 788
Bairsto 221
About LightwaveRF
LightwaveRF plc ("LightwaveRF" or the "Company") pioneered smart
home automation with the introduction of the market's first
Internet enabled devices in 2008. Today the Company markets a
complete smart home system for lighting, heating, power and
security.
LightwaveRF offers a cloud platform and an extensive range of
retrofitted LightwaveRF designed and manufactured sockets, dimmers,
relays, thermostats, heating, energy, sensing, monitoring and
control devices. These devices are operated by conventional manual
control, handheld remote, smartphone and tablet based apps. The
LightwaveRF system can also be operated using Google Assistant and
Amazon Alexa voice control, is Apple HomeKit compatible and
provides users with dashboards to manage their smart home.
We are dedicated to making everyone's lives easier and more
fulfilled through world leading smart home technology.
For further information and to sign up for investor news alerts
please visit:
www.lightwaverf.com/corporate/
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTEAFLNEANPEFF
(END) Dow Jones Newswires
April 09, 2018 07:45 ET (11:45 GMT)
Lightwaverf (LSE:LWRF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lightwaverf (LSE:LWRF)
Historical Stock Chart
From Jul 2023 to Jul 2024