Bright profit forecast for lighting manufacturer
LED lighting group Luceco said this morning it expects to smash forecasts on the back of “robust demand”.
The manufacturer and distributor of wiring accessories, LED lighting and portable power products said its expectations for full year 2020 adjusted operating profit have increased from at least £18m to at least £23m.
The Telford-based group said it continues to out-perform the UK market as a result of a higher share of online and multi-channel capable customers and consumer and DIY markets, where demand has been robust.
The company said: “Activity levels improved steadily in Q2 2020 as lockdown conditions eased. This trend has continued into the second half. The business has good visibility of Q3 2020 trading and we now expect a return to low single digit like-for-like revenue growth in the quarter.”
Luceco added that due to ongoing work across the group’s global operations to improve tax efficiency, adjusted earnings per share will be at least 11.0p.
Chief executive John Hornby said: “We are very encouraged by the rate at which demand has returned to our industry. We are also pleased that our diverse channel access and product portfolio, combined with our resilient operating model, have contributed to this continued improvement in performance.
“The outlook for later in the year remains uncertain for all, but what we know confirms that 2020 should be a year of strong profit growth for the group despite very challenging conditions – a product of a consistent strategy and the unwavering commitment of the entire Luceco team.”
