31st May 2018 11:40
LONDON (Alliance News) - LightwaveRF PLC said Thursday its interim loss widened year-on-year on the back of higher administrative costs, including research, and lower revenue.
The smart home solutions provider posted a wider pretax loss of GBP874,547 for the six months to March versus GBP333,222 for the same period a year ago.
Administrative expenses were GBP1.6 million versus GBP912,667 last year, as the company increased research expenditure to GBP620,000 from GBP350,000 in order to "fully exploit the opportunity of smart home".
The company recorded a slight decrease in revenue to GBP1.1 million from GBP1.2 million, held back by the restructuring of the company's distribution arrangements.
"We are investing in our product range, marketing, support and installation services to ensure that we have the right customer proposition to build a profitable smart home company," Chief Executive Andrew Pearson said.
"We expect to see revenue growth in the second half of this year. With the recent significant investments made, we believe that we have the right strategy in place to deliver value for shareholders."
LightwaveRF shares were trading down 0.3% at 14.70 pence each.
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