Telford-based Luceco enjoys a return to profit
Telford-based lighting products maker Luceco has seen a return to profit and a boost to revenue.
For the six months ended June, the firm swung to a £5.3 million pre-tax profit from a loss of £4.1 million the year prior.
This was after revenue rose 10 per cent to £82.7 million from £75.1 million the year before.
Profit performance was helped by a sharp fall in exceptional costs during the period to £800,000 from £3.1 million the year prior.
This was primarily due to the non-recurrence of a £2 million loss related to the closure of its US business the year prior.
Luceco CEO John Hornby said: "I am pleased to report a good first half performance that reflects the operational improvements implemented across the group over the last 12 months.
"I expect these actions to sustain profit growth into the second half despite slower revenue growth as we face tougher comparatives.
"The group continues to trade well and has started the second half ahead of expectations.
"However, we remain conscious of the risks to the wider UK economy posed by a potentially disruptive Brexit and so consider it prudent to maintain our current guidance for the full year."