Beacon Ramp Up Smart Lights Amid Bumper Full-Year Profit
Beacon Lighting has ramped up its smart lighting range and reported a 38.5% jump in full-year net profit, prompt by homebound customers during the coronavirus pandemic.
For the twelve months to June, net profit notched $22.2 million on sales of $252.2 million.
A downgraded new store growth target is deemed to have prompt over a 9% drop in shares in early trade to $1.22.
Beacon dropped its new store growth target from 175 outlets to 170, whilst further investing in its online presence and digital capabilities.
For the year, online sales jumped by 50.6% to $16.2 million – around 7.6% of company store sales.
The company has warned an uncertain climate has made it difficult to predict whether strong sales volume would continue.
“Beacon Lighting will remain focused on new technologies, fashion and energy efficient lighting solutions supported by market leading customer service,” states the company.
During the year, Beacon designed and developed 453 new products for its customers, including launching LED strip lighting and smart lighting products.
Shares in Beacon Lighting are trading down 3.35% to $1.30 just after midday.