StockMarketWire.com - Luceco - a manufacturer and distributor of LED lighting products, wiring accessories and portable power products - saw strong revenue and profit growth in the year to the end of December.

Luceco said that following its IPO on the London Stock Exchange in October, the group now had a stronger, more efficient capital structure, which gave it greater financial and operational flexibility as it sought to execute its growth strategy. Revenue increased by 29.8% to £133.8m (2015: £103.1m), gross profit increased by 41.4% to £47.8m (2015: £33.8m) and adjusted operating profit increased by 53.0% to £17.6m (2015: £11.5m).

On a constant currency basis, revenue was £125.9m, generating a gross profit of £47.9m and adjusted operating profit of £18.8m.

Chief executive John Hornby said: "2016 was another year of strong growth for our company.

"Investments made in product innovation and development, expansion of the sales teams (both in the UK and internationally) and improvements in manufacturing processes have delivered 29.8% growth in revenue at an improved gross margin, resulting in a 53.0% improvement in adjusted operating profit.

"We completed a major expansion of the Chinese manufacturing facility and we are continuing our growth strategy with a strong pipeline of product launches and extending our sales and marketing platforms both in the UK and overseas."


At 9:41am: [LON:LUCE] Luceco Plc share price was +12p at 207p



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