The LightwaveRF automation company recorded a large annual loss which
In the year up to 30th In September, the firm's loss before and after tax was GBP 3.61 million, up from GBP 2.54 million in 2018.
The company said that the loss of revenue was mainly due to working capital and reduced digital marketing expenses, along with the loss of revenue.
Established in 2007, the company is based at Innovation Birmingham Campus and offers smart home products compatible with Apple HomeKit, Amazon Echo and Google Home.
He explained that he fell out of stock on some of his most popular lines, saw a reduction in direct sales and demand for e-commerce caused by stopping digital marketing and a reduction in brand awareness led to some distribution partners with retail to return stock.
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.
These events amounted to a deficit of 1.5 million pounds of revenue.
In a statement, President Barry Gamble acknowledged that the company experienced a number of challenges, but said progress had been made.
"At its base is a growing number of enthusiastic and well-known customers, who greatly appreciate Lightwave products and the technical support provided to ensure a very good user experience," he said.
"This is reflected in the customer reviews for Trustpilot being 4.5 stars, an excellent rating.
"We have perfected the distribution, working with several partners. We have also successfully developed our direct offer to the consumer, through the website and through telesales. "