Losses widen at smart home solutions provider
Birmingham-based smart home solutions provider LightwaveRF has seen annual losses widen as it ramped up its investment in research and development.
For the year ended 30 September, losses before tax widened to £2.54m from £845,000 a year ago, while revenue dipped to £2.81m from £3.03m, which the company attributed to a weak first half performance.
Investment in research and development cost £1.6m, up from £88,000 in 2017, while the company said it made significant marketing investment with an “absolute focus” on customer acquisition.
Looking ahead, the company said the revenue run rate for first two months of the 2019 financial year was up a further 25% on a strong last quarter of 2018 financial year.
Jason Elliot, chief executive of LightwaveRF, said: “I have been greatly encouraged by the sales performance since I joined Lightwave in July 2018, with the monthly revenue run rate up significantly on where it was previously.
“This jump in sales has gone hand-in-hand with the improvements made to our marketing, customer engagement and distribution channels. With the business strengthened and our retail partner network expanded, I am excited by the very real opportunity for Lightwave to achieve significant UK and international scale, and the prospect of becoming a leading smart home brand in 2019.”
Chairman Barry Gamble added: “Following on from the successful launch of Euro compatible dimmers online and in selected Apple stores in five countries, the Euro sockets are on schedule for release early in 2019. As well as a strong relationship with Apple, Lightwave has seen good take up with Amazon and Google as the market for Smart Home devices is better defined.
“Our improved marketing messaging, widespread product endorsements and direct to consumer sales underpin the reorganised channel distribution success we now anticipate. I am confident we have the team in place to deliver and realise the potential so now apparent in this market place.
