Luceco Plc Regulatory News (LUCE)

19 February 2018

Luceco plc

("the Group")

Directorate Change 

The Board of Luceco, the manufacturer and distributor of high quality and innovative LED lighting products, wiring accessories and portable power products, announces today that David Main has stepped down as Chief Financial Officer and from the Board to pursue other opportunities and that Matthew (Matt) Webb has been appointed Chief Financial Officer with immediate effect.

Matt joins from FTSE 100 listed multinational building materials distribution company Ferguson plc, where he most recently spent five years as Finance Director for its market-leading US Blended Branches business, based in the USA. This business is a significant part of Ferguson's operations, accounting for $9 billion in revenue and over half of total Group earnings. It sustained rapid, profitable growth throughout his tenure. Prior to that, Matt held other senior Group roles at Ferguson including Group Financial Controller and Strategic Planning Manager.

Matt joined Ferguson from BPB plc, the former FTSE 100 manufacturer of building interiors, which was acquired by Saint-Gobain during his tenure. He qualified as a Chartered Accountant with KPMG and holds a degree in Engineering Science from the University of Oxford.

Commenting on the appointment, Giles Brand, Non-Executive Chairman, said:

"I'm delighted that Matt is joining the Group. I have no doubt that his strong experience of working in FTSE 100 businesses with international operations will be of great benefit to Luceco as we continue to invest in the future growth of the business.

"On behalf of the Board, I would like to thank David for his contribution to Luceco over the past two years. We wish him well for the future."

 -ENDS-

Details of remuneration payments to be made to David Main will be in line with his contract and Luceco's Remuneration Policy and will be posted on Luceco's website in accordance with section 430(2B) of the Companies Act 2006 in due course.

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Notes to Editors:

Luceco is a rapidly growing manufacturer and distributor of high quality and innovative LED lighting products and wiring accessories for a global customer base.

The Group supplies trade distributors, retailers, wholesalers and project developers with a wide range of products which broadly fall into the following market recognised brands:

- Luceco: energy efficient LED lighting products and associated accessories;

- British General (BG): wiring accessories (including switches, sockets), circuit protection and cable management products;

- Masterplug: cable reels, extension leads, surge protection, timers and adaptor products; and

- Ross: television wall mounts, audio visual accessories and other items.

The Luceco LED lighting brand continues to benefit from the disruptive shift away from mature lighting technologies as a result of the material advancement in LED technology in recent years. The brand has continued to successfully leverage the Group's existing customer base and low-cost Chinese manufacturing facility. Consequently, it remains well positioned to build on its impressive organic growth trajectory to date. 

In the electrical wiring accessories market, Luceco's BG and Masterplug brands have continued to reinforce their market leading positions through further new product development initiatives, expanding into new product adjacencies and gaining market share.