Luceco profits ahead of forecasts as M&A strategy pays off

Luceco, the Telford supplier of wiring accessories, EV chargers, LED lighting, and portable power products has ended its the first half of its financial year ahead of expectations, it reported this morning (July 18).

The firm posted revenues of £101m for the six months to June 30 – some 5% lower than last year. However, the firm says it adjusted operating profit for the period will be no less than £10.5m – ahead of forecasts.

Luceco puts the performance down to non-residential project demand continuing its favourable trend, and the newly acquired businesses of SynvEV and D W Windsor both performing well.

Chief eecutive officer, John Hornby said: “It is encouraging to again see our gross profit margin improving and reassuring that our order book supports a good outlook for Q3. Material and freight cost pressures continue to ease on the whole, but wage pressures remain.

“We are excited by a number of product developments which provide us with good medium and long-term opportunities for growth, particularly within the EV business.

“We continue to build an attractive M&A pipeline. Historically the group has enjoyed a stronger second half and, whilst we are mindful of the current economic environment, we expect a similar profile again this year.”