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Lighting products supplier Luceco reported a sharp jump in profit on higher revenue and margins amid cost cuts.
For the year ended 31 December 2019, pre-tax profit rose sharply pre-tax profit 470% to £7.1m on £3.0m on-year and revenue was up 5% to £172.1m,
The combination of the growth in revenue, improved gross margins and a well-controlled cost base supported the surge in profit.
Operating margin rose to 10.5% from 2018: 5.2%.
The coronavirus outbreak has temporarily disrupted this progress. Our primary focus is on the safety and well-being of our colleagues. The full impact of the pandemic is, as yet, unknown but we entered this period on a strong footing and with considerable liquidity.
At 9:40am: (LON:LUCE) Luceco Plc share price was -3.9p at 81.1p