2nd Feb 2015 08:46
LONDON (Alliance News) - Remotely controlled domestic devices and systems firm LightwaveRF PLC Monday posted a narrowed pretax loss for its recently ended financial year, as it saw a jump in revenue.
In the year to end-September 2014 the company posted a pretax loss of GBP299,394, narrowed from GBP808,674 the year before, as revenue almost tripled to GBP3.0 million from GBP1.1 million.
LightwaveRF said its distribution agreement with electronics retailer Megaman UK Ltd had helped it cut supply chain costs, which allowed it to keep its administrative expenses down despite its increased revenue.
However, as a result of transferring stock to Megaman, its gross margin fell to 33.9% from 42.5% in its first half. This improved in the second half of the year to 39.4%.
The company raised GBP385,550 during the year, which it said it had used to strengthen its in-house development team and commercialise its heating products.
LightwaveRF said its order book at the start of its current year was almost GBP2 million through its UK Megaman deal alone, and this along with other UK opportunities and its increasing international business, bolsters the company's expectations for "significant progress."
Shares in LightwaveRF are trading up 8.6% at 38.00 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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