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Home automation firm LightwaveRF to seek AIM cancellation

Home automation firm LightwaveRF to seek AIM cancellation

Home automation firm LightwaveRF to seek AIM cancellation

LightwaveRF home automation company is requesting cancellation of its listing from AIM.

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

The announcement follows the widening of the company's losses. Prior to September 30, 2019, pre-tax losses reached GBP 3.61 million, up from GBP 2.54 million in 2018.

The company reduced its working capital losses and reduced its digital marketing expenses, along with sliding revenues.

Founded in 2007, Birmingham is based on the Innovation Birmingham campus and offers smart home products compatible with Apple HomeKit, Amazon Echo and Google Home.

She explained that her recent losses were the result of some of the most popular products remaining out of stock and that she saw a reduction in the demand for direct sales and e-commerce caused by the cessation of digital marketing.

He also said that he delayed an unexpected delay of an order from a leading UK DIY brand of store stock profiles for all of their branches nationwide.

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

The company said it would hold a general meeting next month and present its reasons for cancellation. A successful vote to cancel the AIM listing will require 75% shareholder approval.