9th Sep 2019 10:05
(Alliance News) - Shares in Luceco PLC jumped Monday after it reintroduced its interim dividend following a return to profit and a boost to revenue in a "good" performance for the firm.
Shares in Luceco were 6.1% higher at 77.10p in London on Monday.
For the six months ended June, the lighting products maker swung to a GBP5.3 million pretax profit from a loss of GBP4.1 million the year prior. This was after revenue rose 10% to GBP82.7 million from GBP75.1 million the year before.
Profit performance was helped by a sharp fall in exceptional costs during the period to GBP800,000 from GBP3.1 million the year prior. This was primarily due to the non-recurrence of a GBP2.0 million loss related to the closure of its US business the year prior.
"I am pleased to report a good first half performance that reflects the operational improvements implemented across the group over the last 12 months," Luceco Chief Executive Officer John Hornby said. "I expect these actions to sustain profit growth into the second half despite slower revenue growth as we face tougher comparatives."
Luceco reintroduced an interim dividend of 0.60 pence, having only paid a 0.60p final dividend the year prior.
"The group continues to trade well and has started the second half ahead of expectations," Hornby added. "However, we remain conscious of the risks to the wider UK economy posed by a potentially disruptive Brexit and so consider it prudent to maintain our current guidance for the full year."
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