LightwaveRF losses double but new boss starting to produce results

LightwaveRF's losses have widened significantly in the past 12 months as it increased investments in sales and marketing, as well as research and development.

The AIM-listed home technology outfit said revenues had slipped "a little below" the £3.03m it recorded a year ago.

As a result of the increased spending, Lightwave expects losses for its full-year to be "somewhat more than double" than the £840,000 loss reported in 2017, but the company believes that its investment had put it in "a strong position for the future".

New chief executive Jason Elliott, who joined the group just three months ago from Onzo, a company that provides energy data analytics to major utilities, has made a number of changes which he said had already started to produce results, with the revenue run rate for the last quarter up by more than 50%.

Elliott said: "In my first 100 days at Lightwave, I have led a full review of the business and instigated a number of changes which have already resulted in a marked increase in revenue in the last quarter. It is clear from my review that Lightwave's technology is rated very highly by consumers and industry commentators and is well positioned to exploit growing UK and European demand."

As of 0855 BST, Lightwave shares had lost 7.32% to 9.50p.