Telford's Luceco sustains its momentum into 2024
Telford lighting, electrical and global power giant Luceco has revealed profitability at the upper end of expectations despite challenging markets.
Revealing audited results for the year to December 31, Luceco said revenue: was up 1.3 per cent to £209m and like-for-like revenue up 1.7 per cent compared to the previous year.
Adjusted operating profit was up 9.1 per cent to £24m, from£22m, reflecting a return to strong gross margins.
Chief Executive Officer, John Hornby said: "Luceco has delivered a strong set of results across all key performance metrics in the year, despite ongoing macroeconomic headwinds.
"With adjusted operating profit up 9 per cent to £24m and strong free cash flow generation of £18m, we are pleased with the Group's progress during the year.
"These results are testament to the strength of the Group's market positions, clear strategy and business model.
"As a result of the team's constant hard work, the Group is exceedingly well placed for growth through organic and further M&A (Mergers and Acquisitions) activity in 2024 with its strong operational leverage and strong balance sheet.
"Whilst we are mindful of the economic environment in 2024, we have a number of exciting product developments in progress, which provide us with good medium and long-term opportunities for growth together with our bolt on acquisition strategy, including the exciting recent acquisition of D-Line."
