LightwaveRF lights up as revenues doubled

The internet-of-things specialist said that revenue for the six-month period ended 31 March came in at £2.5m, up from £1.13m over the same period a year beforehand as a result of continued success in direct sales, e-commerce and telesales and the further development of wholesale and retail distribution channels.

These first half revenues also constitute 89% of the total revenue achieved in the whole of the AIM traded company's previous financial year after second quarter revenue jumped by 99% to £1.35.

Jason Elliott, chief executive of Lightwave, said: "I am delighted that Lightwave has maintained the momentum of significantly improved revenue in the quarter. Since I joined the company, we have strengthened management, re-developed several key products and clarified and improved our product distribution strategy.

"Demand in the underlying market for Lightwave's products is strong. This combination means that the outlook for Lightwave is extremely positive, and we expect full year revenues to be more than double that of last year."

LightwaveRF's shares were up 13.33% at 8.50p at 0857 BST.