Lightwave almost back on track after record Black Friday sales
LightwaveRF plc (Lightwave), the Birmingham-based smart home solutions provider has announced a trading update for the three months ended 31 December 2019, with highlights including:
· Like-for-like revenue in Q1 2020 was down 7.8% on the corresponding period last year at £1.06 million (2019: £1.15 million). This was due mainly to the shortage of certain lines of stock in December 2020 following a record performance for the Black Friday and Cyber Monday period as previously announced
· Telesales revenue in Q1 2020 was up 72.1% on the corresponding period last year to £394,000 (2019: £229,000) and e-commerce revenue in Q1 2020 was up 5.5% on the corresponding period last year at £307,000 (2019: £291,000)
Lightwave products offer convenient automation, control and monitoring of lighting, heating and power via its app, Apple HomePod, Amazon Alexa or Google Assistant. Lightwave is also integrated with Samsung SmartThings and EVO protocols from Honeywell Home by Resideo.
As announced by Lightwave on 11 December 2019, following a challenging final quarter of FY 2019, held back by a number of one-off issues, trading during Q1 2020 demonstrates a near return to the sales levels experienced during the first quarter of FY 2019.
The focus for FY 2020 remains to build revenues within the professional channels, electrical installers, contractors and selected wholesalers.
Jason Elliott, Chief Executive of Lightwave, commented:
“We are pleased to see our overall sales performance returning almost to 2019 levels. Our initiative to build revenues within the professional channels is progressing well and we are now seeing traction with improved trade sales, supported by our Telesales team.
“Our continued focus on the end customer is now also being reflected in an overall 4.5 star status on Trustpilot from 387 reviews. We anticipate Trustpilot may hit 5 stars in the next half, a true reflection of the quality of product and services offered by Lightwave.”