Share price hits two-year high for technology firm

Shares in technology business LightwaveRF closed at a two-year high last night following its deal with Deta, which promises revenues of £2m in its first year.

The Internet-of-Things company, which provides products for smart home solutions, announced the deal to the stock market yesterday morning.

Its shares rose 15%, closing at 28.8p – it highest level since September 2015. The increase also continues its strong growth since February, when they were trading at 12p.

The new deal with Deta, which has begun with a £350,000 order, will enable LightwaveRF “to significantly scale up our coverage across the electrical wholesale sector”, said its chief executive Andrew Pearson.

LightwaveRF, which is based at Birmingham Science Park, makes products which allow customers to control lighting, heating and power all from one app.