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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Luceco Plc | LSE:LUCE | London | Ordinary Share | GB00BZC0LP49 | ORD GBP0.0005 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.40 | -1.02% | 135.20 | 133.20 | 137.80 | 136.00 | 134.00 | 136.00 | 92,067 | 10:06:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Comml, Indl Elec Light Fixtr | 206.3M | 11M | 0.0684 | 19.77 | 217.4M |
TIDMLUCE
RNS Number : 9633Q
Luceco PLC
18 September 2017
Luceco plc ("Luceco" or "the Group")
Luceco acquires Kingfisher Lighting for GBP9.75m
Luceco, the manufacturer and distributor of high-quality and innovative LED lighting products, wiring accessories and portable power products, announces it has acquired the entire issued share capital of Kingfisher Lighting Limited ("Kingfisher Lighting") from its retiring founder and other minority shareholders (which includes employees) for a total cash consideration of GBP9.75m on a cash-free, debt-free basis. The acquisition will be funded through an increase to the Group's existing banking facilities. The Board of Directors expects the transaction to be EPS accretive in the first full year of ownership.
Kingfisher Lighting is a nationwide UK supplier of exterior lighting products, including road and street LED lighting systems and controls, and high mast LED luminaires, as well as a provider of installation and maintenance services. Kingfisher Lighting supplies over 70,000 lighting fittings and over 15,000 columns and masts annually to UK wholesalers, contractors, specifiers and local authority customers, and operates from Mansfield, Nottinghamshire, with 71 employees. For the financial year ended 31 March 2017, Kingfisher Lighting generated net revenue of GBP11.7m and EBITDA (adjusted for non-recurring items) of GBP1.6m, with gross assets of GBP4.5m.
The management team of Kingfisher Lighting will remain with the Group and work with Luceco's management team to integrate and grow the business.
John Hornby, Luceco Chief Executive Officer, said: "Having spent over 29 years in business, Kingfisher Lighting has an excellent reputation with its customers. By adding Kingfisher Lighting's highly regarded sales team and complementary outdoor lighting products to our portfolio, Luceco will be able to deliver enhanced systems and services to both our private and public sector customers.
This first acquisition following our IPO is part of our strategy to access new segments and distribution channels via market consolidation."
Further enquiries:
For further information, please contact
Luceco plc via MHP Communications John Hornby, Chief Executive Officer David Main, Chief Financial Officer MHP Communications 020 3128 8100 Tim Rowntree James White Ollie Hoare
This announcement contains inside information
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.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
September 18, 2017 02:00 ET (06:00 GMT)
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