11th Mar 2016 08:40
LONDON (Alliance News) - LightwaveRF PLC on Friday said its pretax loss widened and revenue fell in the year to the end of September due to distribution issues towards the end of the period.
The company, which has developed an Internet of Things platform to let people control connected devices in the home, said its pretax loss widened to GBP420,000 in the year to September 30, from GBP300,000 a year earlier.
Revenue fell to GBP2.1 million from GBP3.0 million due to problems faced in its distribution channels in the latter part of the year, which offset a stronger first half. Still, global installations increased 40% over the year to 35,000, while onward sales of its products by its distribution partner increased 24%. LightwaveRF said the distribution issues which affected the second half have now been resolved.
With its distribution channels stronger and a renewed emphasis on sales and marketing, the group is confident on its prospects for the current year, assuming a more normal order pattern does prevail with its distributors.
Lightwave shares were down 16% on Friday morning at 16.57 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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