Smart home tech company on course to double revenue

LightwaveRF, the Birmingham-based provider of smart home solutions, has said it is on course to more than double revenue, boosted by two high profile deals.

Updating the market for the three months to the end of June, revenue in Q3 2019 increased by 67% to £1.27m compared with the same period last year (Q3 2018: £0.76m).

Revenue for the first three quarters of the financial year increased by 98% to £3.77m.

Jason Elliott, chief executive of Lightwave, said: “Since I joined the company a year ago, Lightwave has made considerable progress. As well as continuing the strong sales growth, we now have in place a number of further initiatives to maintain this momentum.

“The recently announced Tech Data distribution agreement for Europe and joint marketing with Google continue to position the company for its full year revenue to more than double last year’s £2.8m.”