Revenue drops for Luceco in latest quarter
By John Corser
Published 20th Oct 2022, 08:48 BST
Updated 20th Oct 2022, 09:14 BST
Lighting products maker Luceco saw revenue fall 11 per cent in the third quarter of its financial year.
It was 14 per cent higher than in the same quarter in the pre-pandemic year of 2019.
The Telford-based group also supplies wiring accessories, electric vehicle chargers and portable power products.
For the three months to the end of September the group traded in line with expectations.
It said that its order book now suggests that distributor customers will de-stock faster in the final quarter than originally expected, resulting in adjusted operating profit for 2022 in the range of £20 million to 22m, which is below previous estimates.
Luceco said demand from the UK DIY market continued to slow in the three months as expected.
Demand from professionals remains stronger than from consumers, particularly for non-residential LED lighting projects.