Full Year 2023 Luceco PLC Earnings Call Transcript
Okay. Good morning, everybody and thank you very much for coming here this morning to hear the results from Luceco for last year for 2023. So I will use the beeper.
The highlights. So revenue of GBP209 million last year, GBP206 million. Adjusted operating profit of GBP24 million. Last year, it was GBP22 million. I would say that was an okay year in a very difficult market. Although the top line actually grew by GBP3 million. If you look through the overstocking, de-stocking, our sales actually fell by approximately 5%. There was a GBP20 million overstocking in 2021 and there was a GBP5 million de-stocking in 2022.
So if you look through that, our sales actually declined. And we think they declined slightly less than the market. We think our markets were down about 6%, our sales, looking through de-stocking, were down about 5%. But the headline number is that the revenue was actually up.
Operating profit also up. Obviously, overheads increased a lot. We gave a significant salary increase at the start of last year. But our gross margin that started
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