LightwaveRF plc (“LightwaveRF”, “Lightwave” or the “Company”), the leading smart home solutions provider, announces the following trading update for the three months ended 30 June 2019, being the third quarter of its financial year ending 30 September 2019 (“Q3 2019”).
· Revenue in Q3 2019 increased by 67% to £1.27 million compared with the same period last year (Q3 2018: £0.76 million)
· Revenue for the first three quarters of the financial year increased by 98% to £3.77 million (2018: £1.90 million)
· New European distribution agreement with Tech Data and £500,000 first order
· Lightwave compatible Google smart speakers now being marketed
Jason Elliott, Chief Executive of Lightwave, commented:
“Since I joined the Company a year ago, Lightwave has made considerable progress. As well as continuing the strong sales growth, we now have in place a number of further initiatives to maintain this momentum. The recently announced Tech Data distribution agreement for Europe and joint marketing with Google continue to position the Company for its full year revenue to more than double last year’s £2.8 million.”