Slowdown in UK DIY activity impacts Luceco revenue
Lighting products maker Luceco said revenue for the first quarter fell after a slowdown in DIY activity in the UK.
The Telford-based firm expects results for 2022 to be lower on year due to the market normalising after a strong 2021.
The electrical products manufacturer said revenue for the quarter was three per cent lower on year after seeing demand for higher-margin wiring accessories slump.
For 2022, Luceco expects revenue to be £15 million below 2021 levels and adjusted operating profit – which strips out exceptional and other one-off items – £10 million lower.
Revenue for 2021 was £228.2 million and adjusted operating profit was £39 million.
Sales have decreased this year as customers overstocked their supply chains in 2021, it said.
Input cost inflation for 2022 should be £25 million, which will be fully offset by price increases, it added.
