LightwaveRF revenue jumps after record Black Friday week
By Michele Maatouk
Date: Friday 04 Jan 2019
(Sharecast News) - Smart home solutions provider LightwaveRF posted a jump in first-quarter revenue on Friday as it hailed a record e-commerce performance during Black Friday week.
In an update for the three months to the end of December 2018, the AIM-listed company said revenue rose 156% from the same period a year ago to £1.15m, with telesales revenue up 46% to £229,000 and e-commerce sales up 506% to £291,000.
The Black Friday week, which ran from 19 to 26 November, saw a record e-commerce performance, with sales of £130,000 versus £5,000 the year before.
Lightwave said that following the improvements made last year to its sales and marketing strategies, it upped its revenue run rate by 50% in the final quarter of the financial year ended 30 September 2018, compared to the average over the previous three quarters.
It said this momentum continued into the first quarter of 2019, reflecting "the strength and breadth of the company's product offerings and growing brand loyalty".
Chief executive Jason Elliott said: "Having delivered a number of process improvements over the past six months to drive revenue growth, the company is encouraged by what it has achieved in Q1 2019, almost equalling the £1.17m generated during H1 2018.
"Lightwave's retailer and distributor relationships and requisite marketing initiatives are now substantially expanded. I am confident that we can maintain this momentum by focusing on the channels and products, such as our lighting range, that are performing well."
At 1400 GMT, the shares were up 13% at 8.10p.
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