LightwaveRF PLC Trading Update (2561F)
October 26 2018 - 2:00AM
UK Regulatory
TIDMLWRF
RNS Number : 2561F
LightwaveRF PLC
26 October 2018
26 October 2018
LightwaveRF plc
(AIM: LWRF)
Trading Update
LightwaveRF plc ("LightwaveRF", "Lightwave" or "the Company"),
the leading smart home solutions provider, is pleased to provide
shareholders with the following trading update for the year ended
30 September 2018. Financial information set out below is subject
to audit.
Revenue is expected to be a little below last year's (2017:
GBP3.03 million) with underlying margins having been maintained.
Full year revenue has been held back by the weak first half sales
performance which was not fully addressed until the last quarter of
the financial year.
As part of the planned programme to further scale the business,
the Company anticipates a substantial increase in administrative
expenditure during the year mostly due to a higher level of
investment in sales and marketing. A marked increase in research
and development expenditure is also expected, principally on the
Lightwave range being developed for the European market and being
launched through Apple. Although, after a provision for some aged
stock, losses for the full year are expected to be somewhat more
than double those reported last year (2017: loss GBP0.84 million),
the Company believes that the investment made to date has put
Lightwave in a strong position for the future.
Jason Elliott, who joined as the Company's Chief Executive three
months ago, has made a number of changes which are already starting
to produce results, with the revenue run rate for the last quarter
up over 50% on the average for the previous three quarters. Revenue
growth in the last quarter benefitted from a combination of recent
improvements made to the Company's retail distribution channels
and, following a number of process improvements, from much stronger
direct sales.
The Company has recently had a number of excellent product
endorsements in a range of trade and lifestyle publications. As
well as being available online, Lightwave Euro dimmers are also now
on sale in selected Apple stores in Belgium, France, Germany,
Holland and Sweden. Further additions to the Apple HomeKit approved
European range, with the launch of Euro sockets, are expected to be
made in early 2019.
Jason Elliott, Chief Executive, commented:
"In my first 100 days at Lightwave, I have led a full review of
the business and instigated a number of changes which have already
resulted in a marked increase in revenue in the last quarter. It is
clear from my review that Lightwave's technology is rated very
highly by consumers and industry commentators and is well
positioned to exploit growing UK and European demand."
The Company anticipates that its final results for the year
ended 30 September 2018 will be released during December 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
Jason Elliott, CEO +44 (0) 121 250 3625
Kevin Edwards, CFO
Stockdale Securities Limited www.stockdalesecurities.com
Tom Griffiths/Edward Thomas +44 (0) 20 7601 6100
Yellow Jersey PR www.yellowjerseypr.com
Charles Goodwin/Katie Bairsto +44 (0) 7747 788 221
About LightwaveRF
LightwaveRF plc ("LightwaveRF", "Lightwave" or "the Company"),
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/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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