StockMarketWire.com - Luceco increased its dividend payout ratio after swinging to a half-yearly profit thanks to growth in UK Retail and Europe.

The dividend payout ratio was increased from 20% to 25%, with the company declaring an interim dividend of 0.6p a share.

For the six months ended 30 June, the company reported a pre-tax profit of £5.3m compared with a loss of £4.1m a year earlier as revenue rose 10.1% to £82.7m.

The growth was largely attributed to more 'normal' UK Retail sales orders in the first half of the year, following destocking by customers at the beginning of last year. Favourable foreign exchange movements and price updates also boosted growth, the company said.

The company said it expected to maintain growth despite expectations for slower revenue growth in the second half of the year, amid tougher comparatives.

'The group continues to trade well and has started the second half ahead of expectations. However, we remain conscious of the risks to the wider UK economy posed by a potentially disruptive Brexit and so consider it prudent to maintain our current guidance for the full year,' said Chief Executive Officer, John Hornby.




At 9:45am: [LON:LUCE] Luceco Plc share price was +4.6p at 77.3p



Story provided by StockMarketWire.com