Luceco (LUCE)

Sector:

Electronic and Electrical Equipment

Index:

FTSE Small Cap

127.00p
   
  • Change Today:
    -4.60p
  • 52 Week High: 192.00
  • 52 Week Low: 115.80
  • Currency: UK Pounds
  • Shares Issued: 160.80m
  • Volume: 284,678
  • Market Cap: £204.22m
  • RiskGrade: 210
  • Beta: 0.01

Luceco issues profit warning after accounting error

By Josh White

Date: Friday 15 Dec 2017

LONDON (ShareCast) - (ShareCast News) - Manufacturer and distributor of LED lighting products, Luceco, updated the market on its for the year to 31 December on Friday, reporting that it has seen gross margins weaken during the second half of the year.
The company said it would now deliver gross margin of approximately 33%, leading to a £3.5m reduction in profit after tax to £13.2m, compared to current market expectations of £16.7m.

"Regrettably, the gross margin weakness was not identified sooner due to an incorrect assessment of the value of the group's stock," the board said in its statement.

"The group's financial controller has resigned as a result of this error."

Luceco said system improvements were being put in place to make sure the issue would not recur.

It explained that the principal reasons for the gross margin weakness were the strengthening of renminbi against the dollar, alongside the ongoing weakness in sterling and increased commodity costs.

"The group will be able to mitigate some of these headwinds through internal efficiency savings and overhead reductions, with margins expected to recover to long term expectations in the second half of 2018 as a result of these actions.

"The group also intends to increase its foreign exchange and commodity price hedging activities with particular focus on renminbi versus the dollar."

Luceco said its revenue forecasts for 2017 and 2018 remained in line with market expectations.

"We continue to expand the group's product ranges and our geographic reach," the board said.

"Luceco's balance sheet remains strong and the board continues to assess opportunities to invest in the future growth of the business."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Luceco Market Data

Currency UK Pounds
Share Price 127.00p
Change Today -4.60p
% Change -3.50 %
52 Week High 192.00
52 Week Low 115.80
Volume 284,678
Shares Issued 160.80m
Market Cap £204.22m
Beta 0.01
RiskGrade 210

Luceco Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
59.21% below the market average59.21% below the market average59.21% below the market average59.21% below the market average59.21% below the market average
57.58% below the sector average57.58% below the sector average57.58% below the sector average57.58% below the sector average57.58% below the sector average
Price Trend
10.73% below the market average10.73% below the market average10.73% below the market average10.73% below the market average10.73% below the market average
35.14% above the sector average35.14% above the sector average35.14% above the sector average35.14% above the sector average35.14% above the sector average
Income
22.39% above the market average22.39% above the market average22.39% above the market average22.39% above the market average22.39% above the market average
73.33% above the sector average73.33% above the sector average73.33% above the sector average73.33% above the sector average73.33% above the sector average
Growth
12.21% below the market average12.21% below the market average12.21% below the market average12.21% below the market average12.21% below the market average
12.5% below the sector average12.5% below the sector average12.5% below the sector average12.5% below the sector average12.5% below the sector average

What The Brokers Say

Strong Buy 3
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Luceco Dividends

  Latest Previous
  Final Interim
Ex-Div 10-Apr-25 19-Sep-24
Paid 22-May-25 25-Oct-24
Amount 3.30p 1.70p

Trades for 01-Apr-2025

Time Volume / Share Price
16:35 35,000 @ 127.00p
16:35 62,719 @ 127.00p
16:35 4,885 @ 127.00p
16:35 2,943 @ 127.00p
16:35 5,359 @ 127.00p

Luceco Key Personnel

CEO John Hornby
CFO Will Hoy

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