Electrical products specialist Luceco saw its revenue jump by 43 per cent year-on-year in the four months to April 30, partially reflecting the impact of the first wave of Covid-19 lockdowns last year.
But sales were still 22 per cent ahead of the same period in 2019, thanks to new business wins and heightened spending on home improvement projects as the pandemic drags on.
The group is guiding that revenue for the first half of its financial year will surge by almost 50 per cent to £105m, while adjusted operating profit will double to £18m. Despite higher raw material and freight costs, the margin is expected to remain steady at the full-year 2020 level at around 17 per cent.
As momentum improves, Luceco’s shares have risen more than sixfold from their “Corona crunch” low, and against that backdrop, the group’s largest shareholder, Epic Private Equity (EPE), has sold more than 4.5m shares worth £15.1m. The private equity investment company was founded by Luceco’s chairman Giles Brand, and he is also the managing partner there.
Following the disposal, EPE still has a 22 per cent stake in Luceco. It sold this batch of shares at 335p, which is below the group’s current price of 356p.