Progress at Internet of Things products supplier LightwaveRF has been held back by a lack of working capital.
The cash raised in August and the finance from the new inventory facility came in too late to help in the fourth quarter to September 2019.
Revenues are much higher than last year at around £4.2m, but the fourth quarter was not as good as expected. Revenues were £3.77m in the first nine months. The full year loss will be similar to the £2.54m reported the year before. There was cash of £500,000 at the end of September.
A £350,000 loan from Finstock Capital is secured against research and development tax credits receivable. A previous Finstock loan was repaid in May.
Black Friday is 29 November this year and this will be important for LightwaveRF. Having additional working capital will help.
© 2019 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Omega Diagnostics will lose money this year, but it is on course to become profitable in 2020-21 as sales of the VISITECT CD4 test.
House broker Shore Capital has slashed its pre-tax profit forecast for engineer Tricorn Group by two-thirds to £420,000.
Evgen Pharma has entered into an agreement with The University of Dundee for the use of SFX-01 in a clinical trial in non-alcoholic steatohepatitis and liver fibrosis, where there is no existing treatment.