LightwaveRF expects annual revenue to double after robust third quarter

Chief executive Jason Elliott said: "Since I joined the company a year ago, Lightwave has made considerable progress"

Shares gained 10% in morning trading

LightwaveRF PLC (LON:LWRF) shares gained after the maker of smart home products said it was on track to double its full-year revenue after a strong third quarter.

Revenue in the three months to June 30 jumped 67% to £1.27mln, taking the total amount for the year to date to £3.77mln, up 98% on last year.

The company received its first order, worth £500,000, from its European distribution agreement with Tech Data and started marketing its Google compatible smart speakers. 

Chief executive Jason Elliott said:  "Since I joined the company a year ago, Lightwave has made considerable progress.

“As well as continuing the strong sales growth, we now have in place a number of further initiatives to maintain this momentum.

“The recently announced Tech Data distribution agreement for Europe and joint marketing with Google continue to position the company for its full year revenue to more than double last year's £2.8mln."

Shares rose 10% to 8.9p in morning trading.

Quick facts: LightwaveRF

Price: £0.07

Market: AIM
Market Cap: £7.61 m


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