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Wiring accessories and LED lighting supplier Luceco upgraded its annual guidance following stronger than expected demand in the first half of the year.
'We now expect to report H1 2021 revenue of £108m and Adjusted operating profit of £19m, versus previous guidance of £105m and £18m respectively, the company said. The expected results would be ahead of current market expectations.
The upbeat forecast was provided alongside first half results that showed a jump in revenue.
For the six months ended 30 June, revenue climbed 51% to £108m, and was 31% higher than H1 2019.
'Our trading performance has continued to improve throughout the second quarter,' the company said.
'Demand has been stronger and broader than expected. We continue to be successful in protecting our margins from the impact of increasing inflationary pressure on raw material and freight prices.'