StockMarketWire.com - Lighting and portable power products maker Luceco said it expected adjusted operating profit to be 'materially ahead' of market expectations following strong performance in the first of the year.

For the six months ended 30 June 2020, adjusted operating profit rose by £1.8m to £9.0m on-year, while revenue fell 14% on-year.

The uptick in profit was led by gross margin improvement and stringent control of overheads sufficient, both of which more than offset COVID-related disruption.

Assuming no widespread COVID-driven lockdown in the UK or supply-side disruption in China in the second half of the year, the company said it expected full year 2020 adjusted operating profit to be materially ahead of market expectations and to at least equal its 2019 performance of £18.0m.

'Our experience in H1 suggests that a further COVID-driven UK lockdown in H2 of similar scale would reduce full year Adjusted Operating Profit by circa £0.75m per month of lockdown,' the company said.

At 8:01am: [LON:LUCE] Luceco Plc share price was +10.7p at 112.7p



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