Half year sales down for Luceco
LED lighting group Luceco saw a fall in sales in the six months to the end of June.
The Telford-based group, which also makes lighting accessories, electric chargers and portable power products, said revenue was around £101million.
It was ahead of expectations but about five per cent lower than a year earlier with the economic environment reducing residential spending.
Adjusted operating profit is expected to be no less than £10.5m, also ahead of expectations.
Non-residential project demand has continued its favourable trend and the newly acquired businesses of SynvEV and D W Windsor are both performing well.
The group has a strong order book for the current quarter.
Chief executive John Hornby said: "It is encouraging to again see our gross profit margin improving and reassuring that our order book supports a good outlook for the thrid quarter. Material and freight cost pressures continue to ease on the whole, but wage pressures remain.
"We are excited by a number of product developments which provide us with good medium and long-term opportunities for growth, particularly within the EV business."
He added: "Historically the group has enjoyed a stronger second half and, whilst we are mindful of the current economic environment, we expect a similar profile again this year."
