Luceco set to beat profit expectations after strong period

Lighting products maker Luceco expects its profits for 2020 to be well ahead of expectations.

Luceco has its UK sales base on Stafford Park in Telford
Luceco has its UK sales base on Stafford Park in Telford

The company, which is based on Stafford Park in Telford, said it was revising profit expectations from £23 million to between £28 million to £30 million after better-than-expected revenues.

Luceco now expects revenues to also exceed forecasts to at least equal last year’s £172.1 million, with the ground lost to the Covid-19 pandemic in the first half of the year fully recovered.

The firm experienced better than expected demand from online/multi-channel customers and DIY markets. There was also a strong demand for wiring accessories from wholesalers.

CEO John Hornby said: “Ongoing improvement in gross margin, tight control of overheads and a relatively buoyant UK home improvement market combined to deliver record profits in the third quarter.

“Although we start the final quarter with a degree of uncertainty from the impact of a second wave of Covid and recently reintroduced social distancing measures in our key markets, strong trading momentum and a healthy order book mean that we now expect significant additional progress to be made in full year adjusted operating profit and adjusted operating margin, as reflected in our latest guidance.”

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