Investors are switching off ‘smart’ heating and lighting designer LightwaveRF (LWRF:AIM) after distribution issues cause the £3.7 million microcap’s pre-tax loss to widen from £300,000 to £420,000 in the year to 30 September 2015.
Revenue is 31% lower at £2.1 million, sending the share price plummeting 16.5% to 16.5p.
The group says some key lines faced distribution issues in the second half, while the previous year benefited from initial stocking orders.
‘The group has foregone short-term sales growth in the latter part of the year while it better positioned itself for renewed revenue growth in the future,’ it adds.
Next year could be a little brighter for Lightwave as it says the distribution issues have been resolved and good progress has been made with onward sales.
Its current order book is approaching £1 million and additional UK and international prospects are in place, it says.
The share price has fallen by 58.6% over the last 12 months and is unlikely to recover soon. An investment will be a leap in the dark.
