29th Sep 2014 08:18
LONDON (Alliance News) - LightwaveRF said Monday that it now expects its full-year revenue to be around GBP500,000 below expectations due to "some delays in the call off of orders", although it said it remains confident for its prospects in the UK and abroad.
LightwaveRF creates 'Smart Home' products; meaning lighting, heating, power and security electronics that can be remotely monitored and controlled.
The company expects to post revenue of around GBP3.0 million for the year ending Tuesday, up from GBP1.05 million a year before, but GBP500,000 below expectations.
LightwaveRF said that the second half had seen challenges as it development and launched its LED compatible "smart" dimmer and heating products to control heating in individual rooms. These issues have now been resolved, the company said, and the products are now available to consumers.
It continued to work on its partnership in the UK to roll out its product range to Maplin stores, on-line suppliers and independent wholesalers. It is working on a number of projects in the domestic and commercial sectors, it said.
Internationally the company now has orders for sample packs in 34 countries. It is also in discussions with potential distributors in India and Australia.
LightwaveRF has used funds it raised in July to invest in its research and development programme, and is in the process of applying for patents related to this work, it said.
"The second half of the year has seen some technical challenges which I am pleased to say we have now overcome. We are continuing to see a great deal of interest in our product range due to its breadth of functionality for the Smart Home," said Chairman Mike Lord in a statement.
Shares in LightwaveRF were trading down 9.4% at 29.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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