LED lighting firm grew post-tax profits 67%, with revenues and operating profit up 30%
Companies: Luceco PLC
Shares in Luceco the LED Lighting small-cap, jumped 6% on Monday after the firm posted solid growth in revenue and a huge 67.2% increase in post-tax profits to £9.2m in its prelim results. Both figures came in slightly ahead of consensus expectations.
The recently IPO'd Company saw revenues rise 30% to £134m, with gross profit jumping 41% to £47.8m, and pre-tax profit up 30% to £15m. The firm said it had seen strong revenue growth across all product categories, with improved gross and operating margins.
CEO John Hornby said it had been a strong year of growth, with investments made in product innovation, expansion of the sales team, and improvements in manufacturing all contributing to the 30% growth in revenue at improved margins.
"We completed a major expansion of the Chinese manufacturing facility and we are continuing our growth strategy with a strong pipeline of product launches and extending our sales and marketing platforms both in the UK and overseas."
Whilst Chairman Giles Brand said the results provided the firm with a platform to focus on growth and penetration into new and existing markets to deliver long-term value.
Shares in Luceco rose 6% in early trading on Monday. The company joined the AIM market in November and has enjoyed a 40% increase in share price since then.
