20th Oct 2022 14:08
Luceco PLC - Shropshire, England-based LED lighting manufacturer & distributor - Shares hit a 12-month low as it warns adjusted operating profit for 2022 will come in below previous estimates, at around GBP20 million to GBP22 million. In 2021 adjusted operating profit amounted to GBP39.0 million. "Our order book now suggests our distributor customers will destock faster in [the fourth quarter] than we originally expected," Luceco explains. It now estimates that customers will reduce their inventory levels for 2022 by about GBP20 million in total. At current activity levels, this would leave a remaining reduction of up to about GBP5.0 million for 2023, compared to the previous estimate of between GBP5.0 million to GBP10.0 million. Read More
