Luceco trading in line with expectations after 'strong first quarter'
LED lighting maker Luceco has seen a rise in both revenues and operating profits.
The Telford-based business, a supplier of wiring accessories, EV chargers, LED lighting, and portable power products, said 2024 quarter one revenue was £51m, up 6.2 per cent year on year and 4.5 per cent on a like-for-like basis.
In an update for the three months to March 31, it said adjusted operating profit increased 30 per cent year on year, benefitting from the end of de-stocking pressures which ended in in the first half of 2023.
The company also saw adjusted operating margin improvement year on year, driven by strong operational leverage.
The Group said it had been encouraged by the strong start to the year and is performing comfortably in line with market expectations.
Chief Executive Officer, John Hornby said: "Luceco has performed strongly in the first quarter of the year and we are trading comfortably in line with expectations.
"Key industry metrics are starting to suggest more favourable conditions, and this provides optimism for the second half of the year.
"The Group is continuing to identify new organic and M&A opportunities for investment, leveraging our market position and aided by our strong cash flow and balance sheet."
