Luceco shares fall as long-standing CEO John Hornby set to retire
Luceco PLC on Monday said Chief Executive John Hornby plans to retire at the end of the year after 21 years at the helm, while noting continued business momentum in the second quarter.
Shares in the company were down 11% at 259.50 pence on Monday morning in London.
The London-based lighting manufacturer and distributor said CEO Hornby will take a sabbatical until late August, and is set to remain as CEO and a board director until the end of the year. Following this, said Luceco, Hornby will be available in an advisory capacity.
During this sabbatical period, Luceco noted the senior leadership team, with board support, will manage the CEO functions and responsibilities, adding that the process to identify a permanent successor is underway.
Luceco added that trading momentum reported in the first quarter back in May has been sustained through the second quarter to date, with its outlook for the year remaining consistent.
The company said it continues to anticipate adjusted operating profit in excess of £40 million, with potential for ‘further significant outperformance’ dependent on demand flexibility. For 2025, the company reported £33.8 million in adjusted operating profit.
Luceco said it will update on half-year trading towards the end of this month.
‘On behalf of the board, I would like to thank John for his longstanding contribution to Luceco. He has been an important part of Luceco’s development, expanding the group significantly into the successful business it is today, with a proven platform for growth,’ said Chair Giles Brand.
‘The board and Luceco colleagues wish John the very best for the future.’
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