LightwaveRF PLC – Interim Results

LightwaveRF PLC – Interim Results

LightwaveRF plc, the leading smart home solutions provider, is pleased to announce its unaudited interim results for the six months ended 31 March 2019. 

Financial Highlights

  • Revenue more than doubled to £2.50 million (2018: £1.13 million) being approximately 90% of revenue generated of £2.81 million for the whole of the 2018 financial year ("FY2018")
  • Gross profit doubled to £0.95 million (2018: £0.46 million) exceeding £0.83 million achieved for FY 2018
  • Gross margin of 37.9% (2018: 40.6%) up on 35.3% for FY2018
  • Increased investment in research and development of £1.00 million (2018: £0.62 million)
  • Loss before taxation of £1.35 million (2018: £0.87 million) following further investment in sales, marketing and customer support
  • £1.75 million net cash received from fundraising during the period and further £0.50 million since period end
  • Cash as at 31 March 2019 of £0.76 million (2018: £2.46 million)

Operational Highlights 

  • Direct to consumer sales doubled
  • New UK trade distribution agreement with nationwide electrical wholesaler Rexel
  • Agreements with E.ON/Berkeley Homes and Honeywell Resideo
  • Improvements in support recognised by 4 star Trustpilot status
  • Successful development and release of European products
  • Lightwave products in Apple stores in 10 European countries and 22 countries online
  •  New European Distribution partnership with Tech Data

 Commenting on the results and outlook, Barry Gamble, Chairman of LightwaveRF, said:  

"Doubling overall and direct to consumer revenue is a considerable achievement. This reflects improved marketing, sales, customer support and distribution channels. Lightwave is continuing to innovate with its technology and product reviews are extremely positive. Further product releases, strengthening relations with Apple, E.ON and Resideo as well as broadening our distribution arrangements with Rexel and others should all underpin more progress still for the Company."

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