Luceco shines with record year
Lighting products maker Luceco achieved record results last year, almost doubling its profits.
The Telford-based group, which manufactures and distributes wiring accessories, LED lighting and portable power products, saw revenue grow 2.4 per cent to £176.2 million.
Luceco's pre-tax profits soared 96.5 per cent to £33.6m as it outperformed the UK market.
Chief executive John Hornby said: "Our record-breaking performance in 2020 is a testament to our structural resilience, operational agility and our committed, hard working employees. I would like to take this opportunity to thank my Luceco colleagues for their contribution and support during this most challenging of years.
"We have started 2021 with strong momentum despite tighter social distancing measures in some markets. Revenue growth has accelerated from the high levels achieved at the end of last year as new business wins, increased home improvement spending, superior access to high growth channels and product availability combine to sustain further market share gains.
"We have seen inflation in raw material and freight costs in 2021 as economies recover from Covid-19. These can be expected to create some temporary gross margin pressures for all manufacturers until they are passed through the value chain or otherwise subside. However, we expect our strong sales momentum and tight control of overheads to mitigate the impact of inflation on operating margins, which should be similar to those achieved in 2020. We therefore remain confident of further revenue and profit progression in 2021."
