15th Jul 2019 10:49
(Alliance News) - Shares in LightwaveRF PLC rose on Monday after it reported strong growth in revenue for the first nine months of its financial year, putting annual revenue on track to more than double.
Shares in the smart home products and services provider were 11% higher at 9.00 pence in London on Monday.
For the third quarter to the end of June, revenue rose by 67% to GBP1.3 million from GBP760,000 the year before, while for the nine-month period ended June 30, revenue doubled to GBP3.8 million from GBP1.9 million.
LightwaveRF said it has signed a new European distribution agreement with US distribution firm Tech Data Corp, and that the Lightwave compatible smart speakers from Google are now being marketed.
At the start of July, LightwaveRF signed a deal with Alphabet Inc-owned Google to market smart speakers compatible with Lightwave.
"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 GBP2.8 million," said Chief Executive Jason Elliott.