Full Year 2022 Luceco PLC Earnings Call Transcript
Okay. Well, good morning, everybody, and welcome to the Luceco 2022 final year results presentation given by myself and Matt. 2022 results were in line with the update that we gave earlier on this year in January with our revenues at GBP206.3 million and adjusted operating profit at the top of the range of GBP22 million. A more advantageous tax rate resulted in EPS of 11.1p. This reflects a normalization after the incredible year we had last year in 2021.
There has been a slowdown in the residential PMI sector. And as you know, in 2022, we had a significant headwind from the overstocking that occurred in the previous year, but our results remain well ahead of the pre-pandemic levels of 2019. Our revenue is up over 20%, adjusted operating profit up over 22%, and adjusted EPS up over 44%. We have gained share in attractive markets during that time.
So the year started with a lockdown still that drove higher than normal volumes. But as we got into the second half, there was a slowdown in the residential RMI, and also, customers accelerated their destocking. In
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