Luceco impacted by coronavirus-driven supply chain issues
Lighting products maker Luceco expects profit and cash generation in the first half of the year to be "at least as strong" as that of last year as cost cuts helped to offset weaker revenue.
The company, which is based on Stafford Park in Telford, said adjusted operating profit was expected to be at least in line with last year's £7.2 million, with double-digit adjusted operating margin.
Profitability was protected in both quarters by "stringent and progressive overhead reduction".
In the first quarter, revenue fell 10 per cent after being impacted by coronavirus-driven supply chain issues, which had since been resolved, it added. Revenue for the second quarter was expected to be about 25 per cent lower than 2019.
