LED lighting manufacturer Luceco has reported strong trade in Q4 2020 and expects to report record full year profits at the top end of the most recently guided range.
Demand for its products remained high as consumers spent more of their time and money at home. Its higher share of e-commerce and multi-channel capable customers provided a continued route to market when traditional distribution channels temporarily closed to combat COVID. Demand in traditional channels recovered relatively quickly as lockdown controls eased as the year progressed.
During Q4, continued strong demand from online and multi-channel customers and DIY markets, supported by new business wins, saw sales rise 23%, while sales to date for the year increased 2.3% to around £176m.
John Hornby, Chief Executive Officer, said: “I am very pleased to report that we ended the year as strongly as expected, with record full year profits against the backdrop of COVID.
“We have started the new year with good momentum despite tighter social distancing measures. Increased home improvement spending is likely to continue and new business wins, superior channel access and product availability should sustain further market share gains. Whilst we are now entering a more challenging inflationary environment, we aim to defend the significant margin gains we have made. Unless future lockdown measures severely disrupt our sales channels or distribution operations, we are confident of further revenue and profit progression in 2021.”