Demand returns for Luceco and profits improve
Lighting products maker Luceco has seen profits improve in the last month as demand has returned.
The group, which makes and distributes high quality and innovative wiring accessories, LED lighting and portable power products, said its performance was continuing to improve and expectations for full year adjusted operating profit have increased from at least £18 million to at least £23m, provided there is no severely disruptive second wave of coronavirus infection.
Chief executive John Hornby said: “We are very encouraged by the rate at which demand has returned to our industry. We are also pleased that our diverse channel access and product portfolio, combined with our resilient operating model, have contributed to this continued improvement in performance.
"The outlook for later in the year remains uncertain for all, but what we know confirms that 2020 should be a year of strong profit growth for the Group despite very challenging conditions – a product of a consistent strategy and the unwavering commitment of the entire Luceco team.”
Luceco, which is based on Stafford Park, Telford, has seen robust demand from the consumer/DIY markets and a recovery in the professional/wholesale channels.
Activity levels improved steadily as lockdown conditions eased and this trend has continued into the second half of the company's financial year and it expects a return to low single digit like-for-like revenue growth in the current quarter.
