Telford lighting firm rakes in £133m of sales
Telford-based lighting manufacturer Luceco boosted revenues by almost a third in the year of its flotation on the London Stock Exchange.
Full-year figures published today show the company hauled in £133.8 million of revenue in 2016, a 29.8 per cent jump on the previous year.
It pointed to the development of new products and the expansion of its UK sales operation as reasons for the improvement.
Chief executive John Hornby said: "2016 was another year of strong growth for our company.
"Investments made in product innovation and development, expansion of the sales teams (both in the UK and internationally) and improvements in manufacturing processes have delivered 29.8 per cent growth in revenue at an improved gross margin, resulting in a 53 per cent improvement in adjusted operating profit.
"We completed a major expansion of the Chinese manufacturing facility and we are continuing our growth strategy with a strong pipeline of product launches and extending our sales and marketing platforms both in the UK and overseas."
Operating profit clocked in at £17.6 million.
The company announced its flotation in October, giving the company, which employs around 200 people at its 110,000 sq ft home in Stafford Park in Telford, the capacity to push ahead with its growth plans.
