Tech firm doubles revenue
Smart home solutions business LightwaveRF has seen revenues double on the back of a restructuring plan.
The business, which is listed on the Alternative Investment Market, had been struggling to turn the investment in technology and marketing into sales.
Chief executive Jason Elliott joined last July with his sales experience in the technology and smart home sectors a key reason for his appointment.
The firm saw revenue in Q2 2019 double to £1.35m compared with the same period last year (Q2 2018: £0.68m) and said the strong growth in sales is a result of continued success in direct sales, e-commerce and telesales and the further development of wholesale and retail distribution channels.
Revenue in the first half of the financial year was £2.5m, more than double that in the first half of last year (H1 2018: £1.13m) and nearly 90% of the total revenue generated last year (FY 2018: £2.8m).
Elliott said: “I am delighted that Lightwave has maintained the momentum of significantly improved revenue in the quarter.
“Since I joined the company, we have strengthened management, re-developed several key products and clarified and improved our product distribution strategy. Demand in the underlying market for Lightwave’s products is strong. This combination means that the outlook for Lightwave is extremely positive, and we expect full year revenues to be more than double that of last year.”
