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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 £15 million lower than previously expected, £5 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 £10 million.
In 2021, Luceco had recorded revenue of £228.2 million and adjusted operating profit of £39.0 million.
Current stock price: 146.64 pence, down 25%
12-month change: down 54%
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