LightwaveRF PLC Trading Update (3599V)

TIDMLWRF

RNS Number : 3599V

LightwaveRF PLC

08 April 2019

8 April 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 March 2019, being the second quarter of its financial year ending 30 September 2019 ("Q2 2019").

-- Revenue in Q2 2019 doubled to GBP1.35 million compared with the same period last year (Q2 2018: GBP0.68 million).

-- This strong growth in sales is a result of continued success in direct sales, e-commerce and telesales and the further development of wholesale and retail distribution channels.

-- Revenue in the first half of the financial year was GBP2.5 million, more than double that in the first half of last year (H1 2018: GBP1.13 million) and nearly 90 per cent. of the total revenue generated last year (FY 2018: GBP2.8 million).

Jason Elliott, Chief Executive of Lightwave, commented:

"I am delighted that Lightwave has maintained the momentum of significantly improved revenue in the quarter. Since I joined the Company, we have strengthened management, re-developed several key products and clarified and improved our product distribution strategy. Demand in the underlying market for Lightwave's products is strong. This combination means that the outlook for Lightwave is extremely positive, and we expect full year revenues to be more than double that of last year."

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/David Coaten     +44 (0) 20 7601 6100 
                               ---------------------------- 
 Yellow Jersey PR               www.yellowjerseypr.com 
  Charles Goodwin                +44 (0) 7747 788 221 
  Annabel Atkins 
                               ----------------------------

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/

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.

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April 08, 2019 02:00 ET (06:00 GMT)

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