Telford lighting maker continues to grow as it shakes up market
New product ranges have helped Telford lighting manufacturer Luceco boost sales by a quarter so far this year.
The Stafford Park-based company saw revenues rise by 25.5 per cent to £75.3 million in the six months to June 30, while operating profit was also up by a quarter at £9 million.
Luceco grew its market share over the period, as it positioned itself as a disruptive presence in the international lighting market thanks to the rapid improvement in LED lighting technology.
Chief executive John Hornby said: "The momentum reported at the group's full year results has continued with significant year-on-year growth in revenue and profit.
"Growth has been driven by strong market share gains within the key brands in the UK and other newer international markets, both of which have been bolstered by ongoing expansion of the product ranges.
"Our growth strategy is built upon increasing our market share of the established brands in existing markets via new customer acquisition and the expansion of the product ranges.
"In addition, we continue to internationalise the product ranges to allow the development of new distribution channels and to invest in our Chinese manufacturing centre to increase our competitive advantage, whilst actively assessing opportunities to acquire new distribution channels via selected M&A activity."
Luceco has its UK sales base on Stafford Park in Telford, where it employs 200 people at a 110,000 sq ft site.
It floated on the London Stock Exchange a year ago, in a move which valued the company at £209 million.
The group supplies trade distributors, retailers, wholesalers and project developers with a wide range of products, mainly under the Luceco LED lighting, British General wiring accessories, Masterplug extension leads and Ross television wall mounts and audio visual accessories brands.
Chairman Giles Brand added: "With expanding product ranges and ongoing investments in product development, the group has strengthened its offering in its key markets across the UK, Europe and the Americas and enhanced its ability to grow, thereby delivering shareholder value in the medium to long term."
