24th May 2019 10:01
LONDON (Alliance News) - Luceco PLC on Friday said it anticipates to beat the market's adjusted operating profit expectations for 2019, thanks to improved margins.
The stock was trading 17% higher on Friday at 118.79 pence a share.
Ahead of its annual general meeting, the LED lighting products distributor said it has built upon the improved trading performance delivered in the second half of 2018.
Luceco said sales to the UK retail channel in the four months to the end of April are comfortably ahead of the comparable period in 2018. However, sales to UK professional customers continue to be subdued in the uncertain economic environment.
Meanwhile, margins - which had benefited from an improved input cost environment, manufacturing savings and pricing changes in the second half of 2018 - have improved further in 2019, Luceco said.
"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," Luceco said in its statement Friday.
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