Lighting group defies pandemic challenges to double profit

Lighting group Luceco has defied the headwinds presented by the pandemic to more than double its profit over the last two years.

The Telford manufacturer and distributor of wiring accessories, LED lighting and portable power products, says it expects to report record results for the year to the end of December 2021.

The group expects to report revenue of £228m, including a £4m contribution from DW Windsor, a Hertfordshire-based company specialising in outdoor lighting and networking which it acquired for £16.9m last October.

Adjusted operating profit is expected to come in at £39m.

John Hornby, chief executive, said: “The group has successfully navigated COVID-related challenges to more than double its profit over the last two years.  This underlines the strength of our business model, the dedication of our employees, and the virtues of our “can do” culture.

“Whilst it will prove challenging to make progress against a buoyant comparative in the first half of 2022, I am confident that the same attributes that drove our record performance over the last two years will allow us to make further steady progress in 2022 as a whole, supplemented by our reinvigorated M&A strategy.”