Losses widen at listed home automation firm LightWaveRF
Home automation firm LightwaveRF has posted a widened annual loss.
In the year to 30th September, pre-tax losses reached £3.61m, growing from £2.54m in 2018.
The firm said the loss of revenue had been mostly due to working capital and reduced digital marketing spend, alongside revenue slippage.
Founded in 2007, the firm is headquartered at the Innovation Birmingham Campus and offers smart home products compatible with Apple HomeKit, Amazon Echo and Google Home.
It explained that it had become out of stock on some of its most popular lines, had seen reduced direct sale and eCommerce demand caused by a halt to digital marketing, and the reduction in brand awareness had led some retail distribution partners to return stock.
It also said that an unexpected late delay of an order from a major UK DIY brand of in-store stock profiles for all their nationwide branches was delayed.
These events equated to a £1.5 million shortfall in revenue.
In a statement, Chairman Barry Gamble recognised that the firm had seen a number of challenges, but said progress had been made.
“Underpinning this is a growing number of enthusiastic and knowledgeable customers who are highly appreciative of Lightwave products and the technical support provided to ensure a really good user experience,” he said.
“This is reflected in customer endorsements on Trustpilot being at 4.5 stars, a rating of excellent.
“We have further refined our distribution by working with a number of partners. We have also successfully developed our direct to consumer proposition through the website and telesales."