Revenue down but profits up for Luceco
Lighting products maker Luceco has seen its revenue hit by the coronavirus pandemic despite reporting a rise in pre-tax profits.
The company, which is based on Stafford Park in Telford, saw revenue fall from £82.7 million to £71.6 million for the six months to June 30, but profits increased from £5.3 million to £8.4 million.
Chief executive John Hornby said: "Growing our profit, improving our margin and doubling our free cash flow amidst the unprecedented challenges of Covid are, I believe, a fitting testament to the group's forward planning, resilience and agility. It also underlines our long-term potential.
"We look forward to making further progress in the second half whilst remaining vigilant to the ongoing macroeconomic risks.
"We expect a significant improvement on last year's performance with full year 2020 adjusted operating profit of at least £23 million, provided there is no severely disruptive second wave of coronavirus infection.
"Significant additional progress is possible if second half demand is unaffected by macroeconomic headwinds.
"The outlook for 2021 remains uncertain. But I believe business wins and our ongoing focus on business model improvement initiatives will continue to serve us well and be sufficient to deliver further progress."
