LightwaveRF revenues slip despite record Black Friday sales

Home solutions provider LightwaveRF told investors on Monday that like-for-like revenues had contracted in the first quarter as a result of a shortage of certain lines of stock.

LightwaveRF said like-for-like revenues had slipped 7.8% to £1.06m after its record performance for the Black Friday and Cyber Monday period left it light on stock.

Telesales revenues were up 72.1% year-on-year at £394,000, while e-commerce revenues were up 5.5% on the corresponding period last year at £307,000.

The AIM-listed group said following a "challenging final quarter" of 2019, held back by a number of one-off issues, trading during the first three months of 2020 had demonstrated a "near return to the sales levels experienced during the first quarter of FY 2019".

Chief executive Jason Elliott said: "We are pleased to see our overall sales performance returning almost to 2019 levels.

"Our initiative to build revenues within the professional channels is progressing well and we are now seeing traction with improved trade sales, supported by our telesales team."

As of 0900 GMT, LightwaveRF shares were down 4% at 4.56p.