Shares in LightwaveRF have jumped by 25% in early trading this morning after the smart home solutions business revealed a huge jump in sales.
The business, which is listed on the Alternative Investment Market, had been struggling to turn the investment in technology and marketing into sales.
Chief executive Jason Elliott joined in July with his sales experience in the technology and smart home sectors a key reason for his appointment.
He led a review that found the company’s technology was “rated very highly” and there was growing demand for its products.
Those findings appear to have been borne out with a huge jump in revenue for the three months to December 31, which is the first quarter of its financial year.
Sales were up 156%, to £1.15m, helped by a huge increase in its ecommerce revenues.
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.”
The positive trading update comes a month after the company revealed annual pre-tax losses had trebled to £2.54m after sales stalled.
Its difficulties have been reflected in its share price, which fell by 70% in the 15 months since September 2017.
Source: Business Desk.