Sales improve for Luceco
LED lighting group Luceco saw an 8.3 per cent rise in sales in the third quarter of its financial year.
The Telford business, which also supplies wiring accessories, electric vehicle chargers and portable power products, said results were encouraging for the three months to the end of September.
Adjusted operating margin was just below 12 per cent in Q3 from a first half margin of 10.7 per cent.
Chief executive John Hornby, said: “The group continues to perform in line with our expectations. Whilst demand from energy saving professional projects continues its positive path; we are seeing some impact of reduced demand in certain of our end markets as the UK consumer continues to experience economic headwinds.
“Luceco’s strong cash generation in the quarter was particularly encouraging, and with our low levels of net debt, the group is well placed to invest in growth and enhance earnings in line with strategic priorities.”
The professional projects channel continued to show strong growth in the quarter and the hybrid channel has remained stable
The group's net debt was £30.5 million at September 30 from £42.8m at the end of June - a reduction of 30 per cent.
