RE: Luceco is a win win.7 Sep 2021 18:15
Financial Highlights
· Revenue increased to £108.2m:
o £36.6m (51.1%) higher than a COVID-disrupted H1 2020
o £25.5m (30.8%) higher than H1 2019, underlining the extent of our ongoing market share gains
· Gross Margin of 38.5%:
o 0.1ppts higher than H1 2020
o 2.3ppts lower than H2 2020's record levels, as expected, due to temporary compression from cost inflation, but with operating margins supported by high operating leverage on increased sales
· Adjusted Operating Profit of £19.2m, more than double H1 2020 and H1 2019:
o Material expansion in Adjusted Operating Margin to 17.7%
· Net debt to Adjusted EBITDA at 0.5x providing substantial capacity for future investment in growth
· Proposed interim dividend of 2.6p, 73.3% higher than H1 2020