Luceco PLC Q3 2023 Trading Update (5568S)
November 07 2023 - 2:00AM
UK Regulatory
TIDMLUCE
RNS Number : 5568S
Luceco PLC
07 November 2023
7 November 2023
LUCECO PLC - Q3 2023 TRADING UPDATE
Encouraging Q3 2023 performance despite continuing economic headwinds.
Full year guidance unchanged.
Luceco plc ("Luceco" or "the Group"), the supplier of wiring
accessories, EV chargers, LED lighting, and portable power
products, is pleased to provide the following update on trading for
the three months ended 30 September 2023 ("Q3 2023").
Q3 2023 Trading
-- Trading in Q3 2023 has been in line with expectations.
-- The Group's revenue in Q3 was 8.3% ahead of the prior year
equivalent - results continue to be encouraging and comparatives
continue to ease into Q4.
-- The professional projects channel continued to show strong
growth in Q3, and demand remains favourable. The hybrid channel has
remained stable in the period. This outweighed some softening in
the retail and trade channels.
-- Adjusted Operating margin was just below 12% in Q3, against a
first half Adjusted Operating margin of 10.7%.
Balance Sheet
-- Our balance sheet remains strong, with Covenant Net Debt
ratio of 0.9x below our target range of 1.0 - 2.0x EBITDA.
-- Cash generation has improved, as expected, with Q3 Adjusted
free cash flow of GBP12.5m due in part to normalising working
capital flows.
-- The Group's net debt was GBP30.5m at 30 September 2023
(GBP42.8m at 30 June 2023), a reduction of approx. 30% since the
half year.
Commenting on the results, Chief Executive Officer, John Hornby
said:
"The Group continues to perform in line with our expectations.
Whilst demand from energy saving professional projects continues
its positive path; we are seeing some impact of reduced demand in
certain of our end markets as the UK consumer continues to
experience economic headwinds. Luceco's strong cash generation in
the quarter was particularly encouraging, and with our low levels
of net debt, the Group is well placed to invest in growth and
enhance earnings in line with strategic priorities."
Luceco plc Contact
============================= =======================
John Hornby, Chief Executive 020 3128 8100 (Via MHP)
Officer
Will Hoy, Chief Financial 020 3128 8100 (Via MHP)
Officer
MHP Contact
============================= =======================
Tim Rowntree 020 3128 8100
Ollie Hoare 020 3128 8100
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of Luceco plc by Will Hoy, Chief Financial Officer.
Note to Editors
Luceco plc - Bringing Power To Life
Luceco plc (LSE:LUCE) is a supplier of wiring accessories, EV
chargers, LED lighting, and portable power products.
For more information, please visit www.lucecoplc.com .
Forward-looking statements
This announcement contains forward -- looking statements that
are subject to risk factors associated with, among other things,
the economic and business circumstances occurring from time to time
in the countries, sectors and markets in which the Group operates.
It is believed that the expectations reflected in these statements
are reasonable, but they may be affected by a wide range of
variables which could cause actual results to differ materially
from those currently anticipated. No assurances can be given that
the forward -- looking statements in this announcement will be
realised.
The forward -- looking statements reflect the knowledge and
information available at the date of preparation of this
announcement and the Company undertakes no obligation to update
these forward -- looking statements. Nothing in this announcement
should be construed as a profit forecast.
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END
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