- LED lighting products-to-extension leads manufacturer Luceco has upped profit guidance for 2020 as performance has improved.

First half results, scheduled for release on 8 September, remain in line with guidance given in our pre-close update on 13 July 2020.

Since then, performance has continued to improve and expectations for full year 2020 adjusted operating profit have increased from at least £18m to at least £23m.

The company says it continues to outperform the UK market 'as a result of our higher share of online / multi-channel capable customers and consumer/DIY markets, where demand has been robust'.

The business has good visibility of Q3 2020 trading and a return to low single digit like-for-like revenue growth is expected in the quarter.

Margin performance is expected to improve thanks to a strong recovery for in-house manufactured products. Full year 2020 gross margins are expected to come in at 40% compared with 36.2% in 2019.

John Hornby, chief executive officer, said: 'We are very encouraged by the rate at which demand has returned to our industry. We are also pleased that our diverse channel access and product portfolio, combined with our resilient operating model, have contributed to this continued improvement in performance.'

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