Luceco boss reflects on 'encouraging' first half of 2023
Telford's Luceco says it expects full year adjusted operating profit for 2023 to show 'clear progress' on last year.
The LED lighting maker said that despite ongoing weakness in core markets, its has made further progress since its July trading update but remains mindful of the uncertain macroeconomic environment.
Delivering its interim results, Luceco revealed revenue was £101.1m, down from £106.4m last year, but in line with the expected slow down seen in the residential Repair, Maintenance and Improvement market. It added revenue decline had been less than expected
Adjusted operating profit was £10.8m in the first half of the year compared to £11.5m in the first half of 2022.
Chief Executive Officer, John Hornby said: "It has been an encouraging first half for Luceco.
"Our gross profit margin improved as material and freight cost pressures continued to ease during the period, albeit partially offset by wage pressures.
"We continue to build an attractive M&A pipeline and we have further strengthened our balance sheet.
"We have a number of exciting product developments in progress, which provide us with good medium and long-term opportunities for growth.
"A strong order book supports a reassuring outlook for the remainder of the year. Historically the Group has enjoyed a stronger second half and, whilst we are mindful of the current economic environment, we expect a similar trend this year."
