Telford electricals firm targets more growth with results ahead of expectations
A Telford lighting and electricals manufacturer has said it expects to report a full year 2024 performance ahead of market expectations.
Luceco, a supplier of wiring accessories, EV chargers, LED lighting and portable power products, provided an update on trading for the year to December 31.
The company said an improving trend in order intake experienced in quarter three accelerated through the final quarter of the year with strong demand driving organic growth.
The strong order book from quarter three, combined with increased trade and retail orders, led to impressive sales growth at the end of the year in the group's residential repair, maintenance and improvement divisions.
Its residential EV charger division also continued to outperform, with quarterly year-on-year growth of 50 per cent, reflecting successful new product launches.
The group said it expects to report a full year 2024 performance ahead of market expectations, with revenue in the region of £240m, compared to £209m in 2023.
It expects adjusted operating profit in the region of £28.5m to £29.0m, compared to £24m previously.
Chief executive officer John Hornby said: “Luceco performed well in 2024, finishing the year strongly against the backdrop of a lacklustre macroeconomic environment in the UK.
"As a result, we anticipate reporting adjusted operating profit ahead of market expectations.
"We look forward to further growth in 2025, hopeful of improved end-market demand, but confident that the group is well positioned to make solid progress against its strategic objectives.”
