Luceco sales up in 2019
LED lighting group Luceco, which has its manufacturing and distribution base in Telford, says that sales this year are up on 2018.
Ahead of its annual general meeting today Luceco, which also produces wiring accessories and portable power products, said it had built on the improved trading performance delivered in the second half of 2018 in the first four months of this year.
Sales to the UK retail channel are comfortably ahead of the comparable period in 2018 which were weakened by customer de-stocking.
Sales to UK professional customers continue to be subdued in the uncertain economic environment, but the group, which has its head office in London, is making strong progress in overseas markets.
Margins that benefited from an improved input cost environment, manufacturing savings and pricing changes in the second half of 2018 have improved further in 2019.
Increased profitability and prudent cash management are also contributing to continued improvement in its net debt to earnings before tax ratio.