Aim-listed Apple partner LightwaveRF shares jump on £2m deal with Deta Electricals

 
Alys Key
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LightwaveRF will expand its UK presence in a deal with Deta (Source: LightwaveRF)

Shares in Aim-listed smart home gadget maker LightwaveRF jumped more than 15 per cent today after the company announced a distribution deal worth at least £2m.

The tech firm, which is also a partner of Apple, said this morning that it had agreed that Deta Electrical will place an initial £350,000 order for its products, with a guaranteed minimum of £2m in new orders agreed for the first year of the deal.

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Deta is a supplier to the UK electrical wholesale market, which has already worked with LighwaveRF on previous projects.

"We have been working with Deta for two years, focusing on the new build sector and we are looking forward to expanding the relationship," explained LightwaveRF chief executive Andrew Pearson

"Deta's sales team will allow us to significantly scale up our coverage across the electrical wholesale sector," he added.

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Gerry Barnett, Managing Director of Deta, said: "The combination of Lightwave smart home technology and our expanding range of high-quality wiring and electrical accessories will enable Deta to deliver comprehensive and modern smart home solutions across this important market sector."

Lightwave's shares soared back in August after it agreed a partnership with Apple which meant its products would be compatible with Apple's HomeKit.

This followed an even bigger bounce earlier in the year when it launched on Google assistant, sending stock up 77 per cent.

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