24 May 2019
This announcement contains inside information
AGM Trading Statement
Continued trading momentum and increased full year 2019 expectations
Luceco plc, the manufacturer and distributor of high quality and innovative LED lighting products, wiring accessories and portable power products is issuing the following trading update for the four months ended 30 April 2019 ahead of the Annual General Meeting to be held later today.
The Group has built upon the improved trading performance delivered in the second half of 2018. Sales to the UK retail channel are comfortably ahead of the comparable period in 2018 which were weakened by customer destocking. Whilst sales to UK professional customers continue to be subdued in the uncertain economic environment, we are making strong progress in overseas markets. Furthermore, margins that benefited from an improved input cost environment, manufacturing savings and pricing changes in the second half of 2018 have improved further in 2019.
Increased profitability and prudent cash management are contributing to continued improvement in our net debt to EBITDA ratio.
Despite a backdrop of wider economic and political uncertainty, the continuation of improved trading into the second quarter means that the Board is now confident of delivering adjusted operating profit for 2019 materially ahead of current market expectations.
For further information, please contact
John Hornby, Chief Executive Officer
Matt Webb, Chief Financial Officer
via MHP Communications
020 3128 8574
020 3128 8574
Notes to Editors:
Luceco is a manufacturer and distributor of high quality and innovative LED lighting products and wiring accessories for a global customer base.
The Group supplies trade distributors, retailers, wholesalers and project developers with a wide range of products which broadly fall into the following market recognised brands:
- Luceco: energy efficient LED lighting products and associated accessories;
- British General (BG): wiring accessories (including switches, sockets), circuit protection and cable management products;
- Masterplug: cable reels, extension leads, surge protection, timers and adaptor products; and
- Ross: television wall mounts, audio visual accessories and other items.
The Luceco LED lighting brand continues to benefit from the disruptive shift away from mature lighting technologies as a result of the material advancement in LED technology in recent years. The brand continues to successfully leverage the Group's existing customer base and low cost Chinese manufacturing facility. Consequently, it remains well positioned to continue to deliver healthy organic growth.
In the electrical wiring accessories market, Luceco's BG and Masterplug brands have continued to reinforce their market leading positions through further new product development initiatives, expanding into new product adjacencies and gaining market share.
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