Luceco reports sharp jump in profit
Lighting products maker Luceco has reported a rise in profits and revenue.
The company, which is based on Stafford Park in Telford, saw pre-tax profits increase from £3 million in 2018 to £17.1 million for the 12 months to December 31 2019.
Its revenue also increased from £163.9 million to £172.1 million during the period.
The combination of the growth in revenue, improved gross margins and a well-controlled cost base supported the surge in profit, the firm said.
Chief executive John Hornby said: "2019 was a year of excellent performance on a broad front, which is testament to the hard work and dedication of the entire Luceco team.
"We witnessed sustained progress across a broad range of metrics in challenging market conditions.
"Our focus has been on managing profitable growth, investing in our resilient business model and laying the right foundations for further progress in the years to come.
"The coronavirus outbreak has temporarily disrupted this progress. Our primary focus is on the safety and well-being of our colleagues.
"The full impact of the pandemic is, as yet, unknown but we entered this period on a strong footing and with considerable liquidity.
"We are confident in being able to make further progress in the years to come and look forward to the future with optimism."
