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Lighting and portable power products maker Luceco raised its full-year guidance after reporting better-than-expected revenue growth amid a rise in demand.
The company increased its guidance for full year 2020 adjusted operating profit from at least £23 million to between £28m and £30m, about 60% higher than last year.
'With revenue growth in early Q4 stronger than Q3, we now expect full year 2020 revenue to at least equal last year's £172.1m, with ground lost to COVID in H1 fully recovered in H2,' it added.
Revenue was expected between £172m and £176m and adjusted earnings per share in a range of 13.5p to 14p.
For the quarter ended 30 September 2020, revenue rose 7.5%, better than expected low-single digit growth previously forecasts, thanks to better than expected demand from online, multi-channel customers and DIY markets.
Third-quarter gross margin was better than expected, with higher sales volumes driving more efficient utilisation of manufacturing overheads, the company said.
Gross margin was forecast for the second half of 2020 was estimated at 41%.
At 8:59am: (LON:LUCE) Luceco Plc share price was +23.75p at 242.75p