Luceco (LUCE)

0
246
Luceco LUCE Logo

The manufacturer and distributor of high quality and innovative LED lighting products, wiring accessories and portable power products.

15-Dec-2017 – 232.5p – £373.9m – PER 17.9

Trading Update For The Year To End December 2017 – Hit by a fall in Gross Margin (RMB exchange rate, GBP weakness, increased commodity costs (and not being able to count (stock))) – Expects PBT of £13.2 versus market expectations of £16.7m. Revenue forecasts for 2017 and 2018 to be in-line.

Surprised there was no follow up announcement of board changes, I am staying well away from this. It may not be complete incompetence but for me, there’s a fair degree of it.

30-Apr-2018 – 66.8p – £107.4m – PER 6.96

Results For The 12 Months To End December 2017 – Statutory – Revenue up 25.4% to £167.6m (2016: £133.7m), that’s 21.7% CC, Operating profit up 19.3% to £14.2m (2016: £11.9m), Basic and Fully Diluted EPS up 34.8% to 6.2p (2016: 4.6p) with Net Debt at £36.7m (2016: £29.5m).

I can’t see enough here to get me to take this of my Avoid list yet.

30-Jul-2018 – 37p – £59.5m – PER 5.16

Trading Update For The 6 Months To End June 2018 – Expects FY to be break-even.

This sounds woeful and remains on my Avoid list for now.

10-Sep-2018 – 49.6p – £79.8m – PER 8.89

Interim Results For The 6 Months To End June 2018 – Loss making (a big one) with a lot of Net Debt but expecting a return to profitability in H2 (yeah right!).

I’m not yet convinced and this remains on my Avoid list.

Advertisement
Research Tree Banner