Luceco outperforms UK market in first half of 2019
Lighting products maker Luceco, which has its UK manufacturing base at Stafford Park, Telford,says it outperformed the UK market in the first six months of this year despite a fall in sales.
Revenue was down 14 per cent on the year but demand was steadily improving as lockdown eased.
Luceco said its disproportionate share of online/multi-channel capable customers and consumer/DIY markets, where demand has been more resilient, had helped it outperform the market.
Sales were stabilising at around 90 per cent of 2109 by the end of June.
Luceco said its performance has continued to improve since it updated the market ahead of its annual general meeting on June 4.
It says adjusted operating profit was around £9 million for the half year – up £1.8m from last year – sufficient to more than offset coronavirus-related distruption.
Luceco says it is likely that it will reinstate interim dividend payments and that full year results will be “materially ahead” of expectations.
The Group is not making use of any Government lending or tax deferral schemes.
Chief executive John Hornby said: "Growing our profit, improving our margin and doubling our free cash flow amidst the unprecedented challenges of Covid are, I believe, a fitting testament to the group's forward planning, resilience and agility whilst further underlining our long-term potential.
"We look forward to making further progress in the second half whilst remaining vigilant to the ongoing macroeconomic risks.
"I would like to extend my sincere thanks to the entire Luceco team for their invaluable contribution to this strong performance."
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