Half Year 2022 Luceco PLC Earnings Call Transcript
Hello, and good morning, everybody. Thank you very much for attending the Luceco interim results presentation for 2022.
These results are in line with the update we issued in July, with revenue of GBP106 million and operating profit of GBP11.5 million. These results, although they are disappointing against last year, reflect some normalization following the extraordinary result that we had.
There's been a slowdown in the DIY demand after lockdown, when, as we know now, there was a significant pull forward of demand. And there is also significant but a temporary headwind from our major distributors who overstocked themselves during this period. But the results remain well ahead of the pre-pandemic levels. Our revenue is up almost 30% against 2019 and our operating profit is up over 60%.
Onto the following slide. And we are well positioned for the macroeconomic uncertainty that lies ahead. So last year, cost inflation was a major issue. But we have we have basically managed to pass all of that into the market, and our gross margin in the second half
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