LightwaveRF losses widen despite doubling revenues

Home automation company LightwaveRF saw losses widen in the first half of its trading year, despite revenues more than doubling throughout the period.

LightwaveRF's revenues soared 121% to £2.50m in the six months ended 31 March, matching approximately 90% of the group's revenues for the whole of its 2018 financial year.

Gross profits doubled to £950,000, exceeding the £830,000 achieved for 2018 as a whole.

However, increased investment in research and development, sales, marketing and customer support resulted in a 55% widening of pre-tax losses to £1.35m.

Cash on hand fell 69% to £760,000.

Chairman Barry Gamble said: "Doubling overall and direct to consumer revenue is a considerable achievement. This reflects improved marketing, sales, customer support and distribution channels."

Looking forward, Gamble said: "Further product releases, strengthening relations with Apple, E.ON and Resideo as well as broadening our distribution arrangements with Rexel and others should all underpin more progress still for the company."

As of 0920 BST, LightwaveRF shares had slumped 3.17% to 7.02p.