(Alliance News) - Luceco PLC on Thursday said its chief financial officer will step down, moving a non-executive director over to replace him, while the company expects quarterly revenue to be down from a year ago.

Shares in Luceco were up 24% to 131.92 pence each in London on Thursday morning.

The wiring accessories, electric vehicle chargers, LED lighting and portable power products supplier said Matt Webb will step down as CFO after five years in the role in order to pursue other opportunities.

He will step down on March 31 and be succeeded by Non-Executive Director Will Hoy. Hoy will become an executive director on March 1 ahead of becoming CFO on April 1.

Hoy worked in a number senior finance roles for GKN over 20 years, including three years as CFO of GKN Aerospace and nine years as head of corporate finance in which he oversaw GKN's mergers and acquisitions activity. GKN was bought by Melrose Industries PLC in 2018.

"We are delighted that Will has agreed to be our next chief financial officer. His strong track record of delivery in world class manufacturing environments and knowledge of the group make him an ideal addition to the executive team," said Chair Giles Brand.

Luceco said it expects revenue in the fourth quarter of 2022 to fall by 22% from a year prior, but still be 10% higher than in the fourth quarter of 2019, before the Covid-19 pandemic.

As a result, it said fourth-quarter trading was in line with expectations, despite destocking by retail and hybrid customers accelerating in the period. This accounted for nearly all of its year-on-year reduction in revenue.

Luceco said underlying demand from the residential construction market was around 10% lower, while demand from the non-residential construction market remained buoyant and higher than last year, with higher energy prices driving increased interest in LED lighting retrofit projects.

Across 2022, it expects full-year revenue of around GBP206 million, down 9.7% from GBP228.2 million in 2021. Adjusted operating profit is expected to be at the upper end of the previously guided range of GBP20 million to GBP22 million, down from GBP39.0 million in 2021.

"We remain appropriately cautious about near-term prospects until the unusually wide range of macroeconomic outcomes for 2023 begins to narrow," said Chief Executive Officer John Hornby.

"However, solid progress at the end of 2022 serves to underline that our robust business model and operational platform mean that we are well positioned to prosper as market conditions improve."

By Greg Rosenvinge, Alliance News reporter

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