Luceco shows strong growth and profitability despite supply chain issues
Lighting products maker Luceco has reported continued strong growth and profitability despite industry-wide supply chain challenges.
The Telford-based group said it has seen strong demand from hybrid customers, supported by new business wins.
In a trading update for the three months to September 30, the firm said constant currency growth versus pre-Covid 2019 comparatives are unchanged from the first half of the year, and expects adjusted operating profit of no less than £39 million for the year to December 31 2021.
Luceco said there was an acceleration in growth compared with the third quarter of 2019 within the retail channel driven by strong demand for portable power products overseas.
CEO John Hornby said: “I am pleased that we continued to deliver a resilient financial performance in the third quarter against the backdrop of increasing pressure on the construction industry’s supply chain, underlining the strength and robustness of our business model, our superior customer service and the dedication of our employees.
"Forward visibility is limited but it seems likely that external impacts will increase over the next six months as the global economic system continues to adjust to a post-pandemic world. However, I believe that we can continue to make progress from a strong platform, with greater capacity to invest in the business and acquisitions to deliver benefits.
"We have adapted rapidly to changing circumstances throughout the pandemic, growing stronger in the process, and I am confident the same will hold true for next year.”
