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Shares in Luceco nearly halve on valuation mistake
Lighting manufacturer Luceco (LUCE) slumped by 45% in value on 15 December after a mistake with valuing the company’s products. It downgraded full year post-tax profit guidance by 21% to £13.2m.
Gross margins have weakened as a result of the Chinese currency renminbi strengthening against the US dollar (in which many of Luceco’s products are priced), alongside ongoing weakness in the pound and increased commodity costs.