LightwaveRF PLC (LON:LWRF) saw its shares jump higher on Monday after the smart home solutions provider said it expects its full-year revenues to be more than double that of last year.
In a trading update for the three months ended 31 March 2019, the AIM-listed group pointed out that its revenue increased to £1.35mln in its fiscal second quarter, up from £0.68mln at the same stage in 2018.
READ: LightwaveRF lights it up with strong revenue growth
The company added that over the first half of its fiscal year revenue was £2.5mln, more than double the £1.13mln reported for the first half of last year, and nearly 90% of the total revenue generated last year of £2.8mln.
The group said the strong growth in sales is a result of continued success in direct sales, e-commerce and telesales and the further development of wholesale and retail distribution channels.
Jason Elliott, Chief Executive of Lightwave, commented: "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."
In early morning trading, shares in LightwaveRF were 13% higher at 8.50p.