Luceco (LUCE)

Sector:

Electronic and Electrical Equipment

Index:

FTSE Small Cap

132.40p
   
  • Change Today:
    -7.40p
  • 52 Week High: 192.00
  • 52 Week Low: 105.80
  • Currency: UK Pounds
  • Shares Issued: 195.88m
  • Volume: 220,150
  • Market Cap: £259.34m
  • RiskGrade: 210

Luceco revenue, profits rise in first quarter

By Josh White

Date: Tuesday 14 May 2024

LONDON (ShareCast) - (Sharecast News) - Wiring accessories, electric vehicle chargers, LED lighting and portable power products specialist Luceco reported strong first-quarter revenue growth on Tuesday, rising 6.2% year-on-year to £51m, or 4.5% on a like-for-like basis.
The London-listed firm said its adjusted operating profit jumped 30%, benefiting from the cessation of destocking pressures experienced in the first half of 2023.

That improvement in profitability was further supported by a year-on-year increase in the adjusted operating margin, driven by strong operational leverage.

Luceco said it maintained a healthy balance sheet, with its covenant net debt-to-EBITDA ratio remaining at 0.8x, below the target range of 1x to 2x.

The board said the recent acquisition of D-line for £8.6m, plus contingent deferred consideration of £3.8m, at the end of February was expected to create synergies in both UK and international markets.

It said its strong balance sheet and cash flow generation provided flexibility for further mergers and acquisitions, aligning with its stated capital allocation policy.

The board proposed a final dividend of 3.2p, subject to approval at the annual general meeting, bringing the full-year dividend to 4.8p, representing a payout of 43% of 2023 earnings.

Looking ahead, Luceco said it was encouraged by the strong start to the year, and was performing comfortably in line with market expectations.

Despite ongoing monitoring of the copper price and developments in the Red Sea, hedging arrangements were in place to mitigate short-term risks.

Additionally, improvements in key industry metrics, although still in decline, provided optimism for the second half, the board added.

With a robust order book, Luceco said it anticipated achieving first-half like-for-like organic growth of around 5%.

"Luceco has performed strongly in the first quarter of the year and we are trading comfortably in line with expectations," said chief executive officer John Hornby.

"Key industry metrics are starting to suggest more favourable conditions, and this provides optimism for the second half of the year.

"The group is continuing to identify new organic and merger and acquisition opportunities for investment, leveraging our market position and aided by our strong cash flow and balance sheet."

At 1119 BST, shares in Luceco were up 3.18% at 175p.

Reporting by Josh White for Sharecast.com.

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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 132.40p
Change Today -7.40p
% Change -5.29 %
52 Week High 192.00
52 Week Low 105.80
Volume 220,150
Shares Issued 195.88m
Market Cap £259.34m
RiskGrade 210

Luceco Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
51.62% below the market average51.62% below the market average51.62% below the market average51.62% below the market average51.62% below the market average
48.57% above the sector average48.57% above the sector average48.57% above the sector average48.57% above the sector average48.57% above the sector average
Price Trend
30.26% above the market average30.26% above the market average30.26% above the market average30.26% above the market average30.26% above the market average
45.95% above the sector average45.95% above the sector average45.95% above the sector average45.95% above the sector average45.95% above the sector average
Income
29.05% above the market average29.05% above the market average29.05% above the market average29.05% above the market average29.05% above the market average
62.50% above the sector average62.50% above the sector average62.50% above the sector average62.50% above the sector average62.50% above the sector average
Growth
67.32% below the market average67.32% below the market average67.32% below the market average67.32% below the market average67.32% below the market average
69.7% below the sector average69.7% below the sector average69.7% below the sector average69.7% below the sector average69.7% below the sector average

What The Brokers Say

Strong Buy 2
Buy 1
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
  Interim Final
Ex-Div 19-Sep-24 11-Apr-24
Paid 25-Oct-24 17-May-24
Amount 1.70p 3.20p

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 22,843 @ 132.40p
16:35 398 @ 132.40p
16:35 294 @ 132.40p
16:35 14 @ 132.40p
16:35 352 @ 132.40p

Luceco Key Personnel

CEO John Hornby
CFO Will Hoy

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