4th May 2022 12:02
Luceco PLC - Shropshire, England-based LED lighting manufacturer and distributor - Reports that revenue in the first quarter was 3% lower compared to the same quarter a year before. Explains decrease in sales is due to customers overstocking their supply chains in 2021. Says there was an "inevitable" slowdown this year in do-it-yourself activity in the UK, particularly hurting demand for higher-margin wiring accessories. Estimates that full-year revenue for 2022 will be GBP15 million lower than previously expected, GBP5 million of which is estimated to have been lost in the first quarter. Expects the shortfall in annual adjusted operating profit - which excludes exceptional and other one-off items - to be around GBP10 million. Read More
