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Top Luceco shareholder trims its stake

Electronics specialist Ruseco saw a 43% year-on-year increase in revenue over the four months to April 30, partially reflecting the impact of the first wave of the Covid-19 blockade last year.

However, as the pandemic prolonged, sales were 22% higher than in 2019, thanks to new business acquisitions and increased spending on home improvement projects.

The Group forecasts revenue in the first half of the fiscal year to increase by almost 50% to £ 105m and adjusted operating profit to double to £ 18m. Margins are expected to remain stable at around 17% at full-year 2020 levels, despite high raw material and shipping costs.

As the momentum gained, Ruseco’s shares rose more than six times from the lows of Corona Crunch, and against that backdrop, the Group’s largest shareholder, Epic Private Equity (EPE), sold more than 4.5 million shares. did. The private-equity investment company was founded by Ruseco’s Chairman of the Giles Brand, who is also the managing partner there.

After disposal, EPE still holds a 22% stake in Luceco. I sold a batch of this stock at 335p. This is below the group’s current price of 356p.

Top Luceco shareholder trims its stake Source link Top Luceco shareholder trims its stake

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