Profits and revenue rise for Telford lighting products maker Luceco
Lighting products maker Luceco has seen a rise in both revenue and profit.
The Telford-based group has reported revenue of £228.2 million for the year ended December 31 2021 – 29.5 per cent higher than 2020.
Meanwhile, adjusted operating profit increased by £9m to £39m as it more than doubled compared with pre-Covid 2019.
Luceco has also announced the acquisition of UK EV charge point supplier Sync EV, based in Surrey, for £10m on a cash and debt-free basis.
Sync EV supplies smart charge points for residential installations and Luceco acquired a 20 per cent share in August.
Following a period of strong sales growth it has now completed the acquisition of the remaining 80 per cent which has been paid in cash.
John Hornby, Luceco chief executive, said: “Luceco has a long history of market outperformance. The accelerated progress we have made over the last two years, in which our profit has doubled, is the product of our market focus and business model.
"We expect revenue in the first half of 2022 to be broadly in line with last year. We are mindful that recent geopolitical developments, and their associated impact on inflation, may make progress harder during the year.
"We have strong positions in attractive markets with an advantaged business model and a clear strategy. We have a well-funded business with clear growth opportunities, particularly from our recent entry into the electrical vehicle charger market. We face the future better prepared than ever and I am confident we have what it takes to continue to outperform our market.”
