Internet of Things solutions provider LightwaveRF PLC (LON:LWRF) cheered the market on Friday with an upbeat trading statement.
The shares shot up 26% to 9p after the smart home solutions specialist reported a 156% year-on-year increase in revenue to £1.15mln in the final three months of 2018 – the first quarter of the company’s fiscal year.
Telesales revenue rose by 46% to £229,000 from £156,600 in the same period of 2017 but it was in e-commerce where the scintillating growth was to be found, with a fivefold increase to £291,000 from £48,000 the year before.
Fantastic savings of up to 25% on selected Connect Series lines in our Boxing Day sale. Sale runs until midnight 14 January or until stock lasts. Shop offers now at https://t.co/pEYpvMRoSk pic.twitter.com/myMva4QUZW
— Lightwave (@LightwaveRF) December 26, 2018
The week of Black Friday (19-26 November) saw a record e-commerce performance with sales of £130,000, compared to £5,000 the previous year.
"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 £1.17 million generated during H1 2018,” declared Jason Elliott, the chief executive of Lightwave.
"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,2 he added.