Luceco set to beat profit expectations after strong period

The company, which is based on Stafford Park in Telford, said it was revising profit expectations from £23 million to between £28 million to £30 million after better-than-expected revenues.

Luceco now expects revenues to also exceed forecasts to at least equal last year’s £172.1 million, with the ground lost to the Covid-19 pandemic in the first half of the year fully recovered.

The firm experienced better than expected demand from online/multi-channel customers and DIY markets. There was also a strong demand for wiring accessories from wholesalers.

CEO John Hornby said: “Ongoing improvement in gross margin, tight control of overheads and a relatively buoyant UK home improvement market combined to deliver record profits in the third quarter.

“Although we start the final quarter with a degree of uncertainty from the impact of a second wave of Covid and recently reintroduced social distancing measures in our key markets, strong trading momentum and a healthy order book mean that we now expect significant additional progress to be made in full year adjusted operating profit and adjusted operating margin, as reflected in our latest guidance.”