Luceco Share Discussion Threads

[brucie5] 12/5/2023 08:08

ScepticalInvestor10 May '23 - 07:45 - 2310 of 2313
0 1 2
Back to 50p
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I doubt that very much.

[patient fox] 10/5/2023 09:43

Looks like good cost savings in H2.

[cyberbub] 10/5/2023 09:20

No stampede for the exits - so far anyway?

[kemche] 10/5/2023 07:57

Did anyone expect anything else?

[scepticalinvestor] 10/5/2023 07:45

Back to 50p

[our haven] 10/5/2023 07:18

Good to see the dividend payout of 3.0p making a total of 4.6p is to be paid 19th May. In line with expectations so no shocks but we will see what the market thinks, could be a bumpy start.

[masurenguy] 10/5/2023 07:06

Trading Update

-- The Group traded in line with expectations in Q1 2023, with the slower residential RMI market seen in the second half of 2022 continuing in Q1 2023. The comparatives get easier as the year progresses.

-- Q1 2023 revenue at £48m is 5% lower than Q1 2022, 9% lower on a like-for-like basis.

-- The stronger gross margin we experienced in the second half of 2022 of above 38% has continued into the first quarter of 2023.

-- The current activity levels across the Group are in line with our expectations. Customer destocking was broadly in line with our expectations for Q1 2023 and we continue to estimate that customers only need to reduce their inventory levels by a total of c.£5m in 2023 to achieve their current targeted inventory cover.

Balance Sheet and Dividend

-- Our covenant net debt ratio of 0.9x remains below our target range of 1-2x EBITDA.

-- The Group has significant facilities available for future investment both organically and through M&A.

-- The Board is proposing to pay a final dividend of 3.0p, subject to approval at the AGM today. This final dividend takes the full-year dividend to 4.6p representing a payout of 41% of 2022 earnings and 100% increase on 2019.

-- The final dividend will be paid on 19 May 2023 to shareholders on the register on 11 April 2023.

Outlook

-- Trading in the first quarter of 2023 has been in line with our expectations.

-- Macroeconomic conditions remain difficult to judge, with leading indicators continuing to suggest residential RMI markets will remain challenging.

-- The tailwind from slowing cost inflation outlined at the full year 2022 results continues and should show benefits later in the year, once it has worked its way through our inventory.

-- Non-residential project demand has also continued its favourable trend.

Commenting on the results, Chief Executive Officer, John Hornby said: "We continued to trade in line with expectations in the first quarter of the year and are encouraged that our business performance is beginning to gain momentum. We are optimistic for the remainder of 2023, whilst maintaining an element of caution recognising that macroeconomic conditions remain difficult to judge. We are excited by a number of product developments which provide us with medium and long-term opportunities to grow the business."

[cyberbub] 02/5/2023 07:18

I missed the fact that BlackRock increased their holding last Friday - encouraging.

[cyberbub] 21/4/2023 08:14

8 hours for your prediction to come right, John

[john09] 14/4/2023 18:19

Thats a W forming itll ping up next week to 150p ish bet u

[cyberbub] 14/4/2023 17:21

The Big 4 audit companies were criminally negligent and corrupt for years, but as always, the wealthy and well-connected get away with (relative) slaps on the wrist. Under govt pressure at least they seem to be moving towards separating auditing and consulting arms which can only be a good thing.

[ymaheru] 14/4/2023 14:03

Yes, related to FY2016 breaches.

LUCE rectified statements in 2017, but still got punished. Saw their share price drop 85%, but did change CFO in 2018, so hopefully all this is behind them now.

[masurenguy] 14/4/2023 13:01

KPMG fined for ‘serious failings’ in Luceco audit

KPMG and one of its former directors have been fined by the audit regulator for “serious” failures that led to multimillion-pound accounting errors at a lighting company going unchallenged. The Financial Reporting Council said that the Big Four accounting group and Stuart Smith, the former director who audited Luceco’s 2016 accounts, had breached industry rules on eight counts, failing to highlight “multiple material misstatements” in the listed manufacturer’s figures in that year. The regulator said the contraventions related to areas that were “basic and fundamental to the work of an auditor”, including the “need to apply professional scepticism”. It concluded that KPMG’s failings “could undermine confidence in the standard of conduct of statutory audits generally”. KPMG was fined £1.25m, which was reduced to £875,000 in return for admitting the breaches and early settlement.

Luceco is a listed producer and distributor of lighting products and wiring accessories. In 2016 it had a Chinese manufacturing subsidiary, two British distribution companies and divisions in Europe and Dubai. The problems related to oversight and accounting of transactions within the group and for stock levels. The FRC said there was no evidence that the Luceco breaches had been repeated.

[john09] 12/4/2023 10:28

Love a nice divi

Big one from reach soon too

[dr biotech] 12/4/2023 10:23

They actually went xd last thursday - I noticed that there were a couple of confusing dates given for various shares as the "record date" was given as yesterday but the xd was last week. Normally the days are thursday/friday but the long bank holiday threw things a bit. Almost all xds are thursdays.

[masurenguy] 12/4/2023 10:16

Luceco went XD @3p yesterday. Broker Liberum is now forcasting eps of 8.7p this year and 10.6p next year and have set a new shareprice target of 150p.

[cyberbub] 05/4/2023 17:39

Enormous 500k trade gone through! Hard to tell whether it's a buy or a sell, but as it's the last day of the FY I would assume that it's a sell?

[patient fox] 04/4/2023 16:59

oh cheers yahoo finance and dividenddata.co.uk must both be wrong then.

[ihatemms] 04/4/2023 15:08

No ex div on 11/4/23 as per finals Rns

[patient fox] 04/4/2023 09:52

Reminder ex dividend this week 6/4/23

[cyberbub] 30/3/2023 16:47

Encouraging bounce back. Hopefully Mr Market is looking ahead, starting to see inflation falling etc? Touch wood - GLA

[cyberbub] 24/3/2023 15:00

I don't suppose the debt will be on variable interest... But I suppose if they have to refinance some of it then it will move onto higher rates.

[castleford tiger] 24/3/2023 11:37

cyber
I think thats a good idea as debt is still 3x last years profit ( and will be getting more expensive).........

174 market cap its at best fairly priced until we see the profits starting to grow

tiger