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Posted on January 24, 2020 by staff

Home automation firm LightwaveRF to seek AIM cancellation

Home automation firm LightwaveRF to seek AIM cancellation

A LightwaveRF product
A LightwaveRF product

Home automation firm LightwaveRF is to seek a cancellation of its listing from AIM.

The move, which will follow approval from shareholder, was first considered as part of its strategic review announced in November of last year.

The announcement follows widening losses at the firm. In the year to 30th September 2019, pre-tax losses reached £3.61m, growing from £2.54m in 2018.

The firm put the losses down to working capital and reduced digital marketing spend, alongside revenue slippage.

Founded in 2007, the Birmingham firm is headquartered at the Innovation Birmingham Campus and offers smart home products compatible with Apple HomeKit, Amazon Echo and Google Home.

It had explained that its recent losses were the result of some its most popular products remaining out of stock, and it had seen reduced direct sale and eCommerce demand caused by a halt to digital marketing.

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.

Last July the firm announced that it had doubled its revenue and had appointed a new CEO in Jason Elliot.

The firm said it will hold a general meeting next month and present its rationale for cancellation. A successful vote to cancel its AIM listing will require a 75 per cent approval rating from shareholders.