LightwaveRF expects full-year revenues to double following strong Q3
By Iain Gilbert
Date: Monday 15 Jul 2019
(Sharecast News) - Home automation company LightwaveRF saw revenues grow in the third quarter of its trading year after inking a new European distribution agreement with Tech Data.
Lightwave's revenues increased 67% to £1.27m in the three months ended 30 June, taking revenues for the first three quarters of the financial year to £3.77m - a 98% year-on-year improvement.
In addition to the AIM-listed group's new distribution deal with Tech Data, including the customer's £500,000 first order, LightwaveRF also pointed to its newly marketed compatible Google smart speakers as a sign of further growth on the horizon.
Chief executive Jason Elliott said: "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 £2.8m."
As of 1125 BST, Lightwave shares had climbed 5.23% to 8.55p.
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