Lockdown DIY demand puts Telford lighting firm on course for record profits
Lighting products maker Luceco is on course to deliver record results in 2021 helped by home improvements demand.
The company, which is based on Stafford Park, Telford, saw sales grow by 51 per cent in the first six months of the year to £108 million.
It expects to achieve full year revenue of £220m – 25 per cent higher than last year – and adjusted operating profit of at least £39m – up 30 per cent.
Chief executive John Hornby said: "I am pleased to report that Luceco continued to trade strongly throughout the second quarter.
"New business wins, superior channel access and record levels of product availability from our agile in-house manufacturing allowed us to capitalise on healthy construction repair, maintenance and improvement markets, which we overwhelmingly serve.
"It is pleasing to see demand return to our commercial LED project businesses, further diversifying our sources of growth.
"Buoyant markets have created inflationary pressures and freight capacity issues across our industry, but I am confident we can continue to navigate these transitory issues satisfactorily.
"I expect us to continue to make the most of healthy market conditions throughout the second half, yielding another year of record results for Luceco."
Luceco also makes and distributes of wiring accessories and portable power products.
Demand has been stronger and broader than expected this year.
Sales for the half year are 31 per cent up on the first half of 2019 before the coronavirus pandemic.
