StockMarketWire.com - First half revenues at Luceco, a manufacturer and distributor of high quality and innovative LED lighting products, wiring accessories and portable power products, rose by 25.5% to £75.3m.

On a constant currency basis, revenue grew by 17.3%

Operating profit increased by 25.0% to £9.0m (H1 2016: £7.2m).

Gross margin was broadly unchanged at 35.0% (H1 2016: 35.3%).

Basic and diluted EPS increased 42.8% to 4.0p per share (H1 2016: 2.8p per share) and after-tax profits rose by 62.5% to £6.5m.

The group declared an interim dividend of 0.8p per share (H1 2016: nil).

Chief executive John Hornby said: "The momentum reported at the Group's full year results has continued with significant year-on-year growth in revenue and profit.

"Growth has been driven by strong market share gains within the key brands in the UK and other newer international markets, both of which have been bolstered by ongoing expansion of the product ranges.

"Our growth strategy is built upon increasing our market share of the established brands in existing markets via new customer acquisition and the expansion of the product ranges.

"In addition, we continue to internationalise the product ranges to allow the development of new distribution channels and to invest in our Chinese manufacturing centre to increase our competitive advantage, whilst actively assessing opportunities to acquire new distribution channels via selected M&A activity.

"The board expects that the group's full year results will be in line with market expectations."

Chairman, Giles Brand added: "With expanding product ranges and ongoing investments in product development, the Group has strengthened its offering in its key markets across the UK, Europe and the Americas and enhanced its ability to grow, thereby delivering shareholder value in the medium to long term."




At 9:06am: [LON:LUCE] Luceco Plc share price was -1.5p at 247.5p



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