(Alliance News) - Luceco PLC on Tuesday said that revenue and profit were down compared with 2021's "record benchmark" but that the results reflect strategic progress.
The wiring accessories, electric vehicle chargers, LED lighting and portable power products supplier reported 2022 revenue of GBP206.3 million, down 9.6% from GBP228.2 million in 2021.
The Telford, Shropshire-based company said the decrease reflects a normalisation of performance after a record year in 2021, with a slowdown in residential repair, maintenance and improvement construction demand and a temporary headwind from destocking by distributors.
Pretax profit was GBP11.7 million, falling 65% from GBP33.3 million the year prior, while basic earnings per share also dropped 60% to 7.1 pence, from 17.6p in 2021.
The company declared a final dividend of 3.0p per share, bringing the total dividend to 4.6p per share, down from 8.1p in 2021.
"These results are significantly ahead of pre-pandemic levels and, although they don't match the record benchmark set last year, they underline the strategic progress we have made over recent years.
"Trading in early 2023 has been in line with our expectations, with tailwinds from reduced customer destocking, improved gross margin and lower input costs balancing less residential [repair, maintenance and improvement] activity. Whilst the macroeconomic outlook for 2023 remains difficult to judge, I am encouraged by the healthy underlying trading momentum we are carrying into the year which leaves us well positioned to progress as market conditions improve."
Luceco shares were down 8.8% to 118.56 pence each in London on Tuesday morning.
By Harvey Dorset, Alliance News reporter
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Luceco (LUCE)