- Lighting products supplier Luceco reported a sharp jump in profit on higher revenue and margins amid cost cuts.

For the year ended 31 December 2019, pre-tax profit rose 470% to £7.1m on £3.0m on-year and revenue was up 5% to £172.1m,

The combination of the growth in revenue, improved gross margins and a well-controlled cost base supported the surge in profit. Operating margin rose to 10.5% from 2018: 5.2%. 'The coronavirus outbreak has temporarily disrupted this progress,' the company said. 'Our primary focus is on the safety and well-being of our colleagues. The full impact of the pandemic is, as yet, unknown but we entered this period on a strong footing and with considerable liquidity.'

At 9:40am: [LON:LUCE] Luceco Plc share price was -3.9p at 81.1p

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