Telford lighting manufacturer Luceco enjoys strong sales
Lighting products maker Luceco said strong trading momentum has continued in 2021.
The company, which is based on Stafford Park in Telford, has seen strong demand in all major sales channels, with revenue growth accelerating as expected against a comparative period weakened by the first wave of Covid lockdowns.
It said it has taken swift action to protect its margins from rapid, industry-wide inflation in raw material and freight prices, and kept overheads under tight control.
The firm, which has given a trading update for the four months ended April 30 2021, now expects revenue of about £105 million and adjusted operating profit of around £18 million.
CEO John Hornby said: “The factors that drove our strong trading at the end of last year continue to sustain our progress in 2021.
"New business wins, superior channel access and the agility of our vertically integrated manufacturing model have allowed us to gain share in an improving market.
"Greater business confidence is driving a gradual increase in commercial project activity and broadening our sources of growth beyond continued strong residential demand.
"We have been successful in protecting our margins from unprecedented industry-wide inflation and remain alert to further cost increases in a recovering global economy.
"Strong sales momentum and sustained profitability mean that we expect to double our profits for the first half against last year and retain this healthy combination as we enter the second half.”
