Updates

Luceco - Moots acquisition of European wiring accessories business

October 2020

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Plans to reduce overheads had been laid well before coronavirus entered general circulation and consequently Luceco entered H1 in brilliant shape. As a result, although H1 sales were down 13% to £71.6m, due to COVID-19 impacting the supply of product out of China, it was offset by gross margin improvement and overhead reduction, leaving H1 adjusted operating profit 25% higher at £9m. Having withdrawn its final dividend in the light of COVID-19, it has now paid a catchup with two interim payments totalling 3.2p.I had a really interesting conversation with chief executive John Hornby. He points out that the improving gross margin (fourth successive half year of improvement, up 3.4% to 38.4%) is partly down to ...

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Kainos

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