Technology business gets sales boost from new CEO’s review

Jason Elliott, chief executive of LightwaveRF

The new chief executive of smart home solutions provider LightwaveRF is optimistic about its prospects after implementing changes which have “already resulted in a marked increase in revenue”.

Jason Elliott joined the Birmingham-based technology business in July and launched a review, focusing on the “weak” sales in the first half of its financial year.

Elliott said: “In my first 100 days at Lightwave, I have led a full review of the business and instigated a number of changes which have already resulted in a marked increase in revenue in the last quarter.

“It is clear from my review that Lightwave’s technology is rated very highly by consumers and industry commentators and is well positioned to exploit growing UK and European demand.”

The AIM-listed business expects the losses for the year to September 2018 will be “somewhat more than double” the £840,000 loss in 2017. Revenues will be “a little below” last year’s £3.03m.

However the changes instigated by Elliott increased the revenue run rate for the last quarter up over 50% on the average for the previous three quarters.

Revenue growth in the last quarter benefitted from a combination of recent improvements made to the Company’s retail distribution channels and, following a number of process improvements, from much stronger direct sales.

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