Shares in Lite Access Technologies Inc (CVE:LTE), the fibre optic trenching specialist, went higher Wednesday, as the company revealed it expects to see increased revenue for the full year 2018 versus last year.
It posted preliminary results for the fourth quarter to end September. The company said it expected 2018 revenue of around $10million compared to $8.3million last year.
Continued improvement seen
Lite Access added that it expects improved gross margin in the fourth quarter and expects continued improvement into the first quarter of 2019.
"We certainly had our fair share of growing pains in the UK this past quarter but are generally pleased with our anticipated results and we expect this positive trend to accelerate into Q1 2019," said Carlo Shimoon, the chief executive of Lite Access.
"We are entering the critical phase of monetising our ramp up efforts. We have stabilised our operating expenditures and our focus is to accelerate growth in revenue and gross margin to deliver profitable and cash flow positive quarters from fiscal Q1 2019".
The group expects Q4 revenue to be around $4.8million versus $1.1million in Q3, an increase of $3.7million quarter over quarter.
Lite Access shares added 4.92% in Toronto to stand at $0.64.