Home technology firm LightwaveRF predicts FY revenue shortfall
BIRMINGHAM-based home technology supplier LightwaveRF has predicted full year revenues will be below expectations but significantly ahead of the previous year.
The company, the creator of the LightwaveRF Smart Home platform which enables households and businesses to remotely monitor and control lighting, heating, power and security using an app or the web, said the failure to achieve its full potential was due to delays in orders.
In a pre-close trading update, it said the company anticipated revenues for the full year ended September 30, 2014 would be in the region of £3m.
“Although this is about £0.5m below expectations due to some delays in the call off of orders this performance will still be significantly ahead of the previous financial year when revenues were £1.05m,” it said.
The firm, formerly JSJS Designs, said the second half of the year had seen some challenges with the development and launch of its LED compatible smart dimmer and heating products which include thermostatic radiator valves (TRVs) used to control heating in individual rooms.
However, it said these issues were now resolved and the products had been made available to consumers.
The second half also saw continued development of its domestic and global markets.
It said its partnership with Megaman UK continued to build market presence, while its full product range, including the new heating products, was now available in 180 Maplin stores and through a number of on-line suppliers. In addition, a number of independent wholesalers are now stocking LightwaveRF products.
It said it was also working on a number of user projects in both the domestic and commercial sectors, the latter building on a successful implementation at the University of Warwick.
Internationally, its relationship with Neonlite, which markets MEGAMAN® lighting technology globally, has now developed further and it has orders for sample packs for 34 countries. It is also in discussion with other potential distributors in India and Australia.
It added that following a successful fundraising in July, it had invested significantly in a research and development programme and it was now in the process of applying for several patents related to the work.
Mike Lord, chairman and CEO, LightwaveRF said: “The second half of the year has seen some technical challenges which I am pleased to say we have now overcome. We are continuing to see a great deal of interest in our product range due to its breadth of functionality for the Smart Home. The directors remain confident in the company’s prospects for growth both in the UK and abroad.”
