Luceco share price recovers after profits boost
A boost to profits at Luceco, the Telford supplier of wiring accessories, EV chargers, LED lighting, and portable power products, has seen the company’s share price recover.
Stocks were changing hands for 138p at the close of trading on Tuesday (March 26) – the highest level since the end of February.
Luceco saw its profits after tax rise by almost 52% for the year to December 31 2023 to £16.7m. Revenue increased slightly by 1.3% to £209m.
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% to £24.0m 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 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.”
