Telford's Luceco ahead of expectations on profit
Telford's Luceco says profitability is ahead of expectations despite economic headwinds and challenging residential markets.
The business, a supplier of wiring accessories, EV chargers, LED lighting, and portable power products, provided a trading update for 2023 where the group said it expects to report full year 2023 revenue of £209m.
Luceco also anticipates Adjusted Operating Profit in the region of £23.5m-£24m, ahead of expectations .
The company said Adjusted Operating Profit in quarter four of 2023 was ahead of expectations while group revenue in the period was 9.5 per cent ahead of the prior year equivalent.
Adjusted Operating margin in the second half of 2023 is expected to be over 11 per cent, compared to 10.7 per cent in the first half.
The Group said it is closely monitoring the situation in the Red Sea but has not experienced any impact to date.
Chief Executive Officer, John Hornby said: "Luceco has performed well in the second half, producing strong results despite ongoing macroeconomic headwinds in the UK and challenges in residential markets.
"As a result, we expect to report Adjusted Operating Profit for the full year above current market expectations.
"Further strengthening of the Group's balance sheet has been driven by the continuation of our track record of strong cash generation, leaving the Group well placed to invest for growth and enhance earnings in line with our strategic priorities."
