Luceco (LUCE)

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.

29-Jan-2019 – 53.2p – £85.5m – PER 10.6

Trading Update For The 12 Months To End December 2018 – In-line with Revenue down -2% to £164m with Net Debt at £32.2m (2x Adjusted EBITDA).

Still not for me and remains on my Avoid list for now.

24-May-2019 – 102p – £164m – PER 16.1

AGM Statement And Trading Update For The 1st 4 Months Of The Year – Trading momentum continues and expects FY to be materially ahead of current market expectations.

Going to take this off my Avoid list (it had been on there since price collapsed at the end of 2017) – I will keep an eye out for upgrades, up 3 fold from the low now.

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